Bill Text: MS SB2160 | 2014 | Regular Session | Introduced
Bill Title: Wills; revise calculation when spouse seeks to renounce.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-02-04 - Died In Committee [SB2160 Detail]
Download: Mississippi-2014-SB2160-Introduced.html
MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Judiciary, Division A
By: Senator(s) Tindell
Senate Bill 2160
AN ACT TO AMEND SECTION 91-5-29, MISSISSIPPI CODE OF 1972, TO REVISE THE CALCULATION OF A PERSON'S SEPARATE ESTATE WHO SEEKS TO RENOUNCE THE WILL OF A DECEASED SPOUSE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 91-5-29, Mississippi Code of 1972, is amended as follows:
91-5-29. * * * (1) If a person
has separate property at the time of the death of * * * the spouse that is equal in
value to what would be * * *
the person's lawful portion of * * * the deceased spouse's real
and personal estate in intestacy, and * * * the deceased spouse made a will, * * * the
person may not dissent to the will or * * * renounce any provision or bequest * * * of the will in * * * the person's favor and elect to take * * * the person's portion of * * * the deceased spouse's estate.
(2) If * * * the person's separate property * * * is not equal in value to what would
be the value of * * *
the person's portion of * * * the deceased spouse's
estate, * * *
the person may signify * * * dissent to the will, as in other cases
provided by law, and claim to have the deficiency made up * * * notwithstanding the will.
(3) The court in
which the will is probated may appoint three (3) commissioners to
ascertain, by valuation of the estate, what * * * the person's lawful portion * * * of the estate would be worth;
and the commissioners shall also value * * * the person's own separate estate and
report their valuation to the court. * * * The court shall make the proper
order for allowing * * *
the person to share in * * * the deceased spouse's real
and personal estate to make up the deficiency after the following rule:
(a) If * * * the person's separate property * * * is equal in value to two-thirds
(2/3) of what * * *
the person would be entitled to in intestacy, * * * the person shall have one-third
(1/3) of * * *
the lawful portion of the land and one-third (1/3) of what
would be * * *
the distributive share of the * * * personal estate;
(b) If * * * the person's separate property * * * is worth half (1/2) in value
what * * * the
person would be entitled to, then * * * the person shall be entitled to half
(1/2) * * *
the lawful portion of real estate and half of what would be * * * the distributive share of the * * * personal estate;
(c) If * * * the person's separate property * * * is worth only one-third (1/3)
in value what * * *
the person would be entitled to, then * * * the person shall be entitled to two-thirds
(2/3) of * * *
the lawful portion of real estate and two-thirds (2/3) of
what would be * * *
the distributive share in the * * * personal estate.
(3) This section shall not
preclude or prevent * * * a person from renouncing the provisions of * * * the spouse's will and
electing to take * * *
a lawful portion if * * * the person's separate property * * * does not amount in value to one-fifth
(1/5) of what * * *
the person would be entitled to in intestacy. * * *
(4) The entire value of the marital homestead is to be excluded from any calculation of separate estate under this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2014.
