This is an extract of our Family Protection document, which we sell as part of our Wills and Trusts Outlines collection written by the top tier of Thomas Jefferson School Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Wills and Trusts Outlines. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Allowances, Homesteads and Elections o
Persons entitled to family allowance:
? Surviving spouse
? Minor children
? Adult dependent children
* Physical or mental incapacity
* ii. Actually dependent
? Dependent parent
? Other sources of support and assets available
* May reduce or disqualify for allowance
* Lasts only as long as the probate takes
* According to circumstances and available assets of recipient and estate
? Decedent's family home is made available to eligible persons for a specific duration??
* ONLY spouse and/or minor children (only 1 allowed per estate) Eligible property in order of priority:
* Community (real) property
* Tenant in common (real) property
* Separate (real) property
* Joint tenancy property is NOT eligible for homestead for a third party Facts considered
* What are the needs of the eligible person?
o Practical considerations
? ability of eligible person to maintain home (mortgage payments, property tax, reasonable maintenance and upkeep) Duration
* maximum homestead as set by the ct not to exceed the lifetime of the surviving spouse or until the youngest child turns 18
Spousal elective share
? Surviving spouse takes CP (minimum statutory share) or takes under a will; surviving spouse should take whichever is worth more
* Community property
Buy the full version of these notes or essay plans and more in our Wills and Trusts Outlines.