§ 2-7-504 — Absolute property of surviving spouse and minor children; exceptions; renouncement of will of no effect

When any resident of this state dies leaving a spouse or minor
children, the court shall set over to the spouse, and if none to
the minor children, as their absolute property, all property of
the decedent exempt from execution under the exemption laws of
this state including the homestead. Such property shall not be
subject to the payment of debts of the decedent, except expenses
of administration or funeral expenses of the decedent in cases
in which there is not other property in the estate sufficient to
pay the expenses. If [the] decedent does not have any or all of
the property specified under the exemption laws, the spouse or
minor children are entitled to the value of the exempt property
either in money or other property as they may prefer. If the
surviving spouse is not the parent of all or any minor children,
one-half (1/2) of the property shall be set over to the
surviving spouse and the other one-half (1/2) to the minors who
are not children of the survivor. A conservator shall be
appointed for the children as in any other cases of estate
property descending to a minor. The right of a surviving spouse
to any of the exempt property is not affected by his or her
renouncing or failing to renounce the benefit of the provisions
made for him or her in the will of the decedent.