What is a surviving spouse’s right of election?
In Michigan, a surviving spouse has the right of election when inheriting from a deceased spouse. This is a legal term that refers to a process by which the surviving spouse can choose the form of inheritance they will receive. Under Michigan law, the surviving spouse can make an election to take their share of the deceased’s estate in either a lump sum or in fixed payments over a period of time. The surviving spouse also has the right to choose a combination of the two. For instance, the spouse may choose to receive one-half of the inheritance in a lump sum and the rest in installments. In addition, the surviving spouse may choose to take their inheritance “in kind” or in the form it is held in the estate. This allows the spouse to receive the property such as real estate, vehicles, or investments instead of receiving the cash value of the property. The right of election is an important part of Michigan’s inheritance law because it gives surviving spouses a say in how their inheritance is handled. It also ensures that the surviving spouse receives their share of the deceased’s estate in a manner that best fits their needs.
Related FAQs
What is a trust deed?What is a surviving spouse’s right of election?
What is a grantor trust?
What is a non-judicial settlement agreement?
What is the difference between a testator and a beneficiary?
What is the purpose of trust administration?
What is an “income in respect of a decedent”?
What is the settlor’s intent?
What are the rights of a surviving spouse?
What is the process of probate administration?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023