H736 - Elective Share-Joint Accounts. (SL 2020-60)

Overview: Session Law 2020-60 changes the calculation of the amount of property subject to a surviving spouse's elective share as follows:

• Treat property held by a deceased spouse and surviving spouse as joint tenants with right of survivorship the same as property held by other persons.
• Treat all property held as joint tenants with right of survivorship as owned by the decedent only to the extent of the decedent's pro rata share of property. Contributions are presumed to equal the share owned. The presumption can be overcome by clear and convincing evidence.

The Act became effective June 30, 2020, and applies to estates of decedents dying on or after that date and applies to estate proceedings to determine the elective share which are not final on that date because the proceeding is subject to further judicial review. The Act also imposes a new $200 fee for filing a claim for an elective share, and the new fee is effective December 1, 2020.