59-6a201. Definitions. - Kansas Statutes

59-6a201

Chapter 59.--PROBATE CODE Article 6a.--ELECTIVE SHARE OF SURVIVING SPOUSE

      59-6a201.   Definitions.As used in this section [article]:

      (a)   "Decedent's nonprobate transfers to others" means the decedent'snonprobate transfers to persons, other than the decedent's spouse, survivingspouse, the decedent, or the decedent's creditors, estate, or estate creditors,that are included in the augmented estate under K.S.A. 59-6a205, andamendments thereto.

      (b)   "Fractional interest in property held in joint tenancy with the right ofsurvivorship," whether the fractional interest is unilaterally severable ornot,means the fraction, the numerator of which is one and the denominator of which,if the decedent was a joint tenant, is one plus the number of joint tenants whosurvive the decedent and which, if the decedent was not a joint tenant, is thenumber of joint tenants, unless there is proof of some other proportionalownership, legal orequitable.

      (c)   "Marriage," as it relates to a transfer by the decedent duringmarriage, means any marriage of the decedent to the decedent's survivingspouse.

      (d)   "Nonadverse party" means a person who does not have a substantialbeneficial interest in the trust or other property arrangement that would beadversely affected by the exercise or nonexercise of the power that such personpossesses respecting the trust or other property arrangement. A person havinga general power of appointment over property is deemed to have a beneficialinterest in the property.

      (e)   "Power" or "power of appointment" includes a power to designate thebeneficiary of a beneficiary designation.

      (f)   "Presently exercisable general power of appointment" means a power ofappointment under which, at the time in question, the decedent, whether or notthe decedent then had the capacity to exercise the power, held a power tocreate a present or future interest in the decedent's self, the decedent'screditors, the decedent's estate, or creditors of such decedent's estate, andincludes a power to revoke or invade the principal of a trust or other propertyarrangement.

      (g)   "Probate estate" means propertythat would pass by intestate succession if thedecedent died without a valid will.

      (h)   "Property" includes values subject to a beneficiary designation.

      (i)   "Right to income" includes a right to payments under a commercial orprivate annuity, an annuity trust, a unitrust or asimilar arrangement.

      (j)   "Transfer" as it relates to a transfer by or of the decedent, includes(1) an exercise or release of a presently exercisable general power ofappointment held by the decedent, (2) a lapse at death of a presentlyexercisable general power of appointment held by the decedent, and (3) anexercise, release, or lapse of a general power of appointment that the decedentcreated in the decedent's self and of a power described in subsection(b)(2) of K.S.A. 59-6a205, and amendments thereto, that thedecedent conferred on a nonadverse party.

      (k)   "Value of the homestead." For the purposes of article 6a of chapter59 of the Kansas Statutes Annotated, and amendments thereto, where thesurviving spouse exercises the right to the homestead, the homestead shall bevalued as a life estate interest in the equity of the real estate comprisingthe homestead in the manner provided by the federal estate tax in 26 U.S.C.2031, and amendments thereto.

      History:   L. 1994, ch. 132, § 1;L. 1996, ch. 53, § 2; July 1.