An augmented estate is a legal concept used in some jurisdictions to determine the value of a deceased person's estate for purposes of calculating spousal rights, particularly in regard to elective share statutes.
The augmented estate includes not only the assets passing through the deceased's will or by intestacy but also certain assets that the deceased transferred during their lifetime that are still considered part of the estate for the purpose of calculating the surviving spouse's elective share.
This might include gifts made within a certain period before death, joint bank accounts, and other property that would otherwise not be subject to probate.
The purpose of considering an augmented estate is to prevent the circumvention of laws designed to protect the financial interests of surviving spouses.
By including assets transferred before death, the law ensures that a spouse cannot be disinherited through the strategic distribution of assets prior to death.
The concept ensures a minimum financial protection for the surviving spouse, based on the total value of the augmented estate, from which the elective share is calculated.
The definition and components of an augmented estate can vary significantly between jurisdictions, reflecting different legal approaches to spousal rights and inheritance.
In some places, the augmented estate may include life insurance proceeds, retirement accounts, and other non-probate assets, while in others, it may focus on assets transferred shortly before death.
Understanding the specifics of augmented estate regulations is essential for estate planning and for spouses seeking to assert their rights under elective share laws.
A common misconception is that the augmented estate includes only the assets that a deceased person owns at the time of death.
In reality, the augmented estate concept broadens this scope to include certain assets transferred before death, to more accurately reflect the resources available for supporting the surviving spouse.
This comprehensive approach ensures that the elective share calculation considers a more complete picture of the deceased's financial intentions and actions.
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