Pursuant to the Indiana Law, surviving spouses have legal rights to renounce their inheritances in favor of their statutory optional shares. Based upon the Uniform Probate Code, the Indiana Law consists of an optional share allowance where one spouse can not completely disinherit the other in the absence of a legitimate nuptial or marital contract.
Hence, if you are an Indiana homeowner, and you are the enduring partner without an inheritance under your deceased partner’s Will, you will receive an optional share of property if you exercise your statutory optional share rights.
If your partner left you a little inheritance in his/her Will, you can disclaim or renounce your inheritance in favor of your statutory elective share. The Indiana Law supplies for a statutory one-half share of the departed spouse’s net estate in favor of a surviving partner’s elective share. Nevertheless, the Indiana Law restricts the statutory 50 percent share to specific spouses. If you are a surviving spouse, but your departed partner was previously married, you will receive a smaller sized statutory share if you did not have children with your deceased partner. In this case, a surviving partner who did not have children with her/his deceased spouse gets just one-third of his/her personal estate and a quarter of his/her property if her/his husband/wife had children who survive him/her.
To exercise your statutory optional share and to renounce your acquired share, you should do so within a strict time frame under Indiana law. Indiana law requires you to exercise your elective share rights within 10 days of the time that other individuals can file claims to the decedent’s estate. Usually, the time limit is within 3 months after publication of the administrator’s consultation within a newspaper of basic flow.