Legal Question in Wills and Trusts in Illinois
Renunciation of will question
Stepmother signed a Renunciation of Will on my father estate. My question pertains to paragraph d, Sec. 2-8 Article V of Il. Probate act. Knowing that I'm not a lawyer, What does this paragrph mean?
If a will is renouced in the manner provided by this section, any future interest which is to take effect in possession or enjoyment at or after the termination of an estate or other interst given by the will to the surviving spouse takes effect as though the surviving spouse had predeceased the testator, unless the will expressly provides that in case of renunciation the future intrest shall not be accelerated.
Any help would be appreciated. Looking for a senario that describes the meaning of this paragraph.
1 Answer from Attorneys
Re: Renunciation of will question
This is known as the doctrine of "election". It means that if the surviving spouse's chooses to renounce the will and take the statutory share then the spouse is electing to renounce any and all gifts that may have been made to the spouse under the will. Spouse can't take both. An example would be a probate estate of $300,000. Will says $50,000 to spouse; $250,000 to child. If spouse elects 1/3 share, then spouse gets the $100,000 only and get the $100,000 plus the $50,000 gift under the will.
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