(1)Elective-share
amount only.
(a)In a proceeding for an elective-share, the following are applied
first to satisfy the elective-share amount and to reduce or eliminate any
contributions due from the decedent's probate estate and recipients of the
decedent's nonprobate transfers to others:
(I)Amounts included in the augmented estate under section 15-11-204 (the
net probate estate) which pass or have passed to the surviving spouse by testate or
intestate succession and amounts included in the augmented estate under section
15-11-206; and
(II)The marital-property portion of amounts included in the augmented
estate under section 15-11-207 (the spouse's property).
(b)For the purposes of this subsection (1), if the surviving spouse disclaims
any property, including interests in
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(1) Elective-share
amount only. (a) In a proceeding for an elective-share, the following are applied
first to satisfy the elective-share amount and to reduce or eliminate any
contributions due from the decedent's probate estate and recipients of the
decedent's nonprobate transfers to others:
(I) Amounts included in the augmented estate under section 15-11-204 (the
net probate estate) which pass or have passed to the surviving spouse by testate or
intestate succession and amounts included in the augmented estate under section
15-11-206; and
(II) The marital-property portion of amounts included in the augmented
estate under section 15-11-207 (the spouse's property).
(b) For the purposes of this subsection (1), if the surviving spouse disclaims
any property, including interests in trust created by the decedent, such property
shall not be applied under this subsection (1) to the extent that such property
passes to a person other than the surviving spouse.
(2) Marital-property portion. The marital-property portion under
subparagraph (II) of paragraph (a) of subsection (1) of this section is computed by
multiplying the value of the amounts included in the augmented estate under
section 15-11-207 by the percentage of the augmented estate set forth in the
schedule in section 15-11-203 (2) appropriate to the length of time the spouse and
the decedent were married to each other.
(3) Unsatisfied balance - order of contribution. If, after the application of
subsection (1) of this section, the elective-share amount is not fully satisfied or the
surviving spouse is entitled to a supplemental elective-share amount:
(a) Amounts included in the decedent's net probate estate after application
of subsection (1) of this section and in the decedent's nonprobate transfers to
others described in section 15-11-205 (3)(a)(during the marriage and the two-year
period next preceding the decedent's death, the decedent's interest terminated and
the property was transferred to someone other than the spouse), and in section 15-11-205 (3)(c)(any transfer during the same two-year period but only to the extent
the transfer exceeded the applicable gift tax annual exclusion) are applied first to
satisfy the unsatisfied balance of the elective-share amount or the supplemental
elective-share amount. The decedent's net probate estate and that portion of the
decedent's nonprobate transfers to others are so applied that liability for the
unsatisfied balance of the elective-share amount or for the supplemental elective-share amount is apportioned among the recipients of the decedent's net probate
estate and of that portion of the decedent's nonprobate transfers to others in
proportion to the value of their interests therein.
(b) If, after the application of subsection (1) of this section and paragraph (a)
of this subsection (3), the elective-share or supplemental elective-share amount is
not fully satisfied, the remaining portion of the decedent's nonprobate transfers to
others is so applied that liability for the unsatisfied balance of the elective-share or
supplemental elective-share amount is apportioned among the recipients of that
remaining portion of the decedent's nonprobate transfers to others in proportion to
the value of their interests therein.
(4) Unsatisfied balance treated as general pecuniary devise. The
unsatisfied balance of the elective-share or supplemental elective-share amount as
determined under subsection (3) of this section is treated as a general pecuniary
devise for purposes of section 15-12-904, but interest shall commence to run one
year after determination of the elective share amount by the court. This subsection
(4) applies only to estates of decedents who die on or after August 6, 2014.