Q: In PA, if an account of the spouse is TOD to another family member does the surviving spouse get 1/3 elective share rig
In PA, Marital asset being willed to another family member and account has a Transfer on death to another family member. If the surviving spouse is not left 1/3 of assets can they elect a 1/3 if it’s a TOD? Financial investment guy says it doesn’t matter if the surviving spouse doesn’t get 1/3 they can’t touch a transfer on death account.
A: The spousal election is taken against all of decedent's assets as a whole, and not against individual assets. The statute is specific as to what assets are included in the election, and it also excludes a few. The eligible assets are NOT limited to probate assets. For example, jointly held accounts are subject to the election. This is a complicated election, and how the assets are distributed if the election is made is also complicated. You will want to consult with an attorney on this issue, and you will need to have a detailed list of all of decedent's assets to get a clear picture of what will happen if the surviving spouse elects.
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