The amount that a surviving spouse can claim of the estate of a deceased spouse depends on the laws of the state where the couple resided. In Maryland, the concept of elective share provides certain rights to a surviving spouse, regardless of what the deceased spouses will stipulates. As an estate planning law firm in Maryland, we understand the importance of being informed about these laws and how they may impact your estate planning process. In this article, we will discuss the concept of elective share in Maryland and what you should know to protect your spouse's rights.
In Maryland, the elective share law ensures that a surviving spouse is not left without financial support after the death of their spouse. The elective share allows the surviving spouse to claim a portion of the deceased spouse's estate, even if the will or other estate planning documents specify otherwise. This claim is in addition to any assets that pass outside of probate, such as jointly owned property or assets with beneficiary designations.
In Maryland, the elective share is calculated based on whether the deceased spouse has any surviving issues (children, grandchildren, etc.). If the deceased spouse has no surviving issue, the surviving spouse can claim one-half of the net estate. If there are surviving issues, the surviving spouse can claim one-third of the net estate. The elective share is calculated after deducting debts, expenses, and allowances, but before estate or inheritance taxes.
In Maryland, a surviving spouse has a limited time to claim their elective share. The claim must be filed with the Register of Wills within six months of the appointment of the personal representative or within nine months of the deceased spouse's death, whichever is later. Upon request before the six months have expired and upon a showing of good cause, a surviving spouse may be granted a three-month extension to file their claim. It's important to be aware of this deadline to ensure that the surviving spouse's rights are protected.
A surviving spouse may choose to waive their right to the elective share, either voluntarily or as part of a prenuptial or postnuptial agreement. If a spouse decides to waive their elective share rights, it is crucial to consult with an experienced estate planning attorney in Maryland to ensure that the waiver is valid and enforceable.
Understanding the concept of elective share can have a significant impact on your estate planning process. It's essential to consider the rights of your spouse and the potential consequences of your estate planning decisions. Working with a knowledgeable estate planning attorney can help you navigate these complex laws and create a comprehensive plan that respects your wishes and provides financial security for your spouse.
The elective share law in Maryland is designed to protect the rights of a surviving spouse and ensure they are not left without financial support. As you engage in estate planning, it's essential to be aware of these laws and how they may impact your plan. Consult with an experienced estate planning attorney in Maryland to create an estate plan that respects your wishes and provides for the well-being of your spouse.
