PART 2. 
ELECTIVE SHARE OF SURVIVING SPOUSE



 



Cross References



 



  Applies only to the estates of decedents dying after January
1, 1997; for other effect and transition provisions, see §560:8-201.



 



§560:2-201  Definitions.  In this part:



As used in sections other than section
560:2-205, "decedent's nonprobate transfers to others" means the
amounts that are included in the augmented estate under section 560:2-205.



"Fractional interest in property held in
joint tenancy with the right of survivorship", whether the fractional
interest is unilaterally severable or not, means the fraction, the numerator of
which is one and the denominator of which, if the decedent was a joint tenant,
is one plus the number of joint tenants who survive the decedent and which, if
the decedent was not a joint tenant, is the number of joint tenants.



"Marriage", as it relates to a
transfer by the decedent during marriage, means any marriage of the decedent to
the decedent's surviving spouse.



"Nonadverse party" means a person who
does not have a substantial beneficial interest in the trust or other property
arrangement that would be adversely affected by the exercise or nonexercise of
the power that the person possesses respecting the trust or other property
arrangement.  A person having a general power of appointment over property is
deemed to have a beneficial interest in the property.



"Power" or "power of
appointment" includes a power to designate the beneficiary of a
beneficiary designation.



"Presently exercisable general power of
appointment" means a power of appointment under which, at the time in
question, the decedent, whether or not the decedent then had the capacity to
exercise the power, held a power to create a present or future interest in the
decedent's self, the decedent's creditors, the decedent's estate, or creditors
of the decedent's estate, and includes a power to revoke or invade the
principal of a trust or other property arrangement.



"Probate estate" means property that
would pass by intestate succession if the decedent died without a valid will.



"Property" includes values subject to
a beneficiary designation.



"Reciprocal beneficiary" means an
adult who is a party to a registered reciprocal beneficiary relationship in
accordance with chapter 572C, and has a valid certificate of reciprocal
beneficiary relationship that has not been terminated.



"Reciprocal beneficiary relationship"
is the registered status of two adults defined in chapter 572C.



"Right to income" includes a right to
payments under a commercial or private annuity, an annuity trust, a unitrust,
or a similar arrangement.



"Transfer", as it relates to a
transfer by or of the decedent, includes:



(1)  An exercise or release of a presently exercisable
general power of appointment held by the decedent;



(2)  A lapse at death of a presently exercisable
general power of appointment held by the decedent; and



(3)  An exercise, release, or lapse of a general power
of appointment that the decedent created in the decedent's self of a power
described in section 560:2-205(2)(B) that the decedent conferred on a
nonadverse party. [L 1996, c 288, pt of §1; am L 1997, c 383, §11]