- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
Augmented estate is a legal method of calculating ownership of assets of a surviving spouse on assets that descendants have acquired from a deceased spouse.
When someone dies, whether testate or intestate, circumstances might arise where the distributed assets are owned by the surviving spouse, or that he or she has a legal claim to them.
When the distribution of assets is contested by the surviving spouse, then the concept of augmented estate would determine his or her rights to the assets. And if so, by what share.
These legal rights prevent surviving spouses from being taken advantage of by descendants.
For example, ownership for a house might be rightfully be owned by the widow. But the deceased has left it for a descendant in a will created shortly before death. The surviving spouse can then challenge the will to obtain full ownership, or a share of ownership.
When taking against the will, the statutory share or elective share of the surviving spouse would depend on the local laws concerning augmented estate.
Not all states practice such law.