CoA No. 57, September Term, 2011. Reported. Opinion by Adkins, J. Filed April 20, 2012. RecordFax #12-0420-20, 46 pages.
Estates and trusts: elective shares: enforceable claims
“Enforceable claims” are those that in fact reduce the assets in the estate or are allowed by the court. Assets in a spouse’s elective share are valued, when paid in kind by legatees, as of the date of distribution; and, when paid in cash, as of the date of the spouse’s election to take a statutory share. Elective spouses also share in income on assets in the net estate. The legatees cannot opt to pay the elective share 13 years after the decedent’s death.