Legal Question in Wills and Trusts in Colorado

Elective Share, exempt property allowance and family allowance

A surviving spouse may qualify to claim an elective share of the augmented estate. The elective share is etermined by applying a statutory formula based on the length of the marriage. It is capped at 50% of the augmented estate. The augmented estate is calculated by applying a formula in the Probate Code, which includes most assets owned by the

deceased spouse, including both probate and non probate assets and some kinds of trust property. In the alternative, a surviving spouse is usually entitled to make an exempt property allowance claim of $26,000 against the estate in

addition to whatever he may take under the will. This claim has priority over most creditors. A surviving spouse may

claim a family allowance against the estate for support, which also has a higher priority than most creditor��s

claims. All of these claims are subject to statutory deadlines.