Section 3-203 - Right to elective share. - Maryland Statutes

§ 3-203. Right to elective share.
 

(a)  "Net estate" defined.- In this section, "net estate" means the property of the decedent passing by testate succession, without a deduction for State or federal estate or inheritance taxes, and reduced by: 

(1) Funeral and administration expenses; 

(2) Family allowances; and 

(3) Enforceable claims and debts against the estate. 

(b)  In general.- Instead of property left to the surviving spouse by will, the surviving spouse may elect to take a one-third share of the net estate if there is also a surviving issue, or a one-half share of the net estate if there is no surviving issue. 

(c)  Limitation.- The surviving spouse who makes this election may not take more than a one-half share of the net estate. 

(d)  Valuation.- For the purposes of this section, the net estate and the property allocable to a share of a surviving spouse shall be valued as of the date or dates of distribution. 

(e)  Applicable share; adjustment.-  

(1) For the purposes of this section, a surviving spouse who has elected to take against a will shall be entitled to the surviving spouse's portion of the income earned on the net estate during the period of administration based on a one-third or one-half share, whichever is applicable. 

(2) If one or more distributions have been made to a surviving spouse or another person that require an adjustment in the relative interests of the beneficiaries, the applicable share shall be adjusted. 
 

[An. Code 1957, art. 93, § 3-203; 1974, ch. 11, § 2; 1978, ch. 111; 1992, ch. 346; 2003, ch. 234.]