Valuation of estate, how determined
When a spouse dies, the surviving spouse may have a right to claim a certain share of what the deceased spouse left behind. This law explains how to figure out the size of that share. First, add up everything the deceased person owned when they died, then subtract funeral costs, debts, and certain allowances. Then add in anything the surviving spouse already got from the deceased spouse outside of the will — like life insurance money, pension payments, or property they owned together. Whatever the surviving spouse already received gets subtracted from the share they can still claim. If the surviving spouse can show some of that property came from somewhere else, it does not count as coming from the deceased spouse. If the amount they would get by claiming this legal share turns out to be less than what the will already gives them, the surviving spouse can change their mind and just take what the will says instead. Also, the surviving spouse does not have to give back anything they already received from the deceased spouse.
474.163. Valuation of , how determined. — 1. For the purposes of section 474.160, the estate consists of all money and property owned by the at his death, reduced by funeral and , , and , and increased by the value of all money and property derived by the from the decedent by any means other than or , exempt property or family allowance without a full in money or money's worth. The aggregate value of money and property so derived by the surviving spouse from the decedent shall be against the given by section 474.160.
2. Property derived from the decedent includes, but is not limited to:
(1) Any of the surviving spouse in a trust created by the decedent during his lifetime;
(2) Any property appointed to the spouse by the decedent's exercise of a general or also exercisable in favor of persons other than the spouse;
(3) Any of insurance, including accidental s, on the life of the decedent attributable to paid by him;
(4) Any immediately payable, and the of the proceeds of contracts under which the decedent was the , attributable to premiums paid by him;
(5) The commuted value of amounts payable after the decedent's death under any public or private , , death benefit or retirement plan, of the Federal Social system, by reason of performed or disabilities incurred by the decedent; and
(6) The value of the share of the surviving spouse resulting from rights in in any other state formerly owned with the decedent.
3. When immediately before the decedent's death the surviving spouse was a or with respect to money, property, a or an account in a bank or other and, incident to such death, the surviving spouse became the sole owner thereof or the owner of a life interest therein, the whole value of such sole ownership or life interest shall be to have been received from the decedent, except as to the proportion of such value, if any, derived from toward the acquisition, or creation of the money, property, or account made by the surviving spouse or ascendant or of the surviving spouse, other than the decedent.
4. Property owned by the surviving spouse at the decedent's death is valued as of the date of death. Property red by the spouse is valued at the time the transfer became , or at the decedent's death, whichever occurred first. Income earned by included property prior to the decedent's death is not treated as property derived from the decedent.
5. Property owned by the surviving spouse as of the decedent's death, or previously transferred by the surviving spouse, is to have been derived from the decedent, except to the extent that the surviving spouse establishes that it was derived from another source.
6. If it appears that the elective share given by section 474.160, as computed in accordance with this section, will be less advantageous to the surviving spouse than the made for that spouse by the will, the surviving spouse may the .
7. Nothing in this section shall be deemed to require the surviving spouse to refund to the estate money or property derived from the decedent or its value.
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Source & history notes
(L. 1980 S.B. 637) Effective 1-01-81 (1986) The property which passes to a spouse upon decedent's death is to be deemed received from decedent except as to proportion of such value, if any, which was derived from "contributions" toward acquisition, establishment or creation of property made by the surviving spouse. "Contribution" means contribution in money or money's worth. Estate of Leve v. Leve, (A.), 704 S.W.2d 263.
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.