New Jersey Statutes 3B:8-17. Value of surviving spouse’s or domestic partner’s interest in any life estate
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Terms Used In New Jersey Statutes 3B:8-17
- Domestic partner: means a domestic partner as defined in section 3 of P. See New Jersey Statutes 3B:1-1
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
In an action for an elective share, the electing spouse’s or domestic partner‘s total or proportional beneficial interest in any life estate in real or personal property or in any trust shall be valued at one-half of the total value of the property or trust or of the portion of the property or trust subject to the life estate.
Amended 2005, c.331, s.20.