When you hear the term spousal share, it may seem like a foreign concept – which it is. But it doesn’t have to be difficult to understand. In essence, the spousal share refers to the portion of an estate that’s allocated to a surviving spouse upon the death of their partner.
It’s an important legal concept to be aware of, as it helps to ensure that a spouse will be financially taken care of after the death of their spouse. This is particularly important in states that do not have inheritance laws protecting the surviving spouse.
How Spousal Share Works
The exact amount of the spousal share is set by the state in which the spouse resides. In general, the spousal share will usually be determined by the husband’s assets and property. The amount of the share is typically between one-third and one-half of the deceased’s estate.
In some cases, a deceased spouse may choose to include their spouse in their will. In these cases, the spousal share can include any asset that the deceased has left to their spouse. For example, if the deceased left a large sum of money to their spouse, the spousal share might include that money.
The Benefits of Spousal Share
The spousal share provides survivors with security after the passing of their spouse. This can be invaluable, especially in situations where the surviving spouse is going through financial hardship or doesn’t have a stable job. The spousal share ensures that survivors have access to enough funds to meet their immediate needs.
Making the Most of Spousal Share
It’s important to remember that the spousal share is limited to the assets allocated to the surviving spouse. This means that survivors should make the most of this share and use it wisely. This could include investing the funds or using them to purchase necessary items. By doing so, survivors can make sure that they are securing their future financial security.
Key Takeaways
Spousal share is an important legal concept that protects the financial security of spouses after the death of their partner. The exact amount of the share is determined by the state, and it is usually between one-third and one-half of the deceased’s estate. By taking the steps to protect their spousal share, survivors can ensure that they will have enough assets to maintain their lifestyle after their spouse’s death.