§ 5-1.1-A Right of election by surviving spouse\n (a) Where a decedent dies on or after September first, nineteen\nhundred ninety-two and is survived by a spouse, a personal right of\nelection is given to the surviving spouse to take a share of the\ndecedent's estate, subject to the following:\n (1) For the purpose of this section, the decedent's estate includes\nthe capital value, as of the decedent's death, of any property described\nin subparagraph (b) (1).\n (2) The elective share, as used in this paragraph, is the pecuniary\namount equal to the greater of (i) fifty thousand dollars or, if the\ncapital value of the net estate is less than fifty thousand dollars,\nsuch capital value, or (ii) one third of the net estate. In computing\nthe net estate, debts, administration expenses and reasonable funeral\nexpenses shall be deducted, but all estate taxes shall be disregarded,\nexcept that nothing contained herein relieves the surviving spouse from\ncontributing to all such taxes the amounts apportioned against him or\nher under 2-1.8.\n (3) The term "testamentary provision", as used in this paragraph,\nincludes, in addition to dispositions made by the decedent's will,\ndistributions of property pursuant to 4-1.1 and any transaction\ndescribed as a testamentary substitute in subparagraph (b) (1).\n (4) The share of the testamentary provisions to which the surviving\nspouse is entitled hereunder (the "net elective share") is his or her\nelective share, as defined in subparagraphs (1) and (2), reduced by the\ncapital value of any interest which passes absolutely from the decedent\nto such spouse, or which would have passed absolutely from the decedent\nto such spouse but was renounced by the spouse, (i) by intestacy, (ii)\nby testamentary substitute as described in subparagraph (b) (1), or\n(iii) by disposition under the decedent's last will.\n (A) Unless the decedent has provided otherwise, if a spouse elects\nunder this section, such election shall have the same effect with\nrespect to any interest which passes or would have passed to the spouse,\nother than absolutely, as though the spouse died on the same date but\nimmediately before the death of the decedent.\n (B) For the purposes of this subparagraph (4), (i) an interest in\nproperty shall be deemed to pass other than absolutely from the decedent\nto the spouse if the interest so passing consists of less than the\ndecedent's entire interest in that property or consists of any interest\nin a trust or trust equivalent created by the decedent; and (ii) an\ninterest in property shall be deemed to pass absolutely from the\ndecedent to the spouse if it is not deemed to pass other than\nabsolutely.\n (5) Where a decedent dies before September first, nineteen hundred\nninety-four, paragraphs (c)(1)(D) through (c)(1)(K) of section 5-1.1\nshall apply except that the words "fifty thousand dollars" shall be\nsubstituted for the words "ten thousand dollars" wherever they appear in\nsuch paragraphs.\n (b) Inter vivos dispositions treated as testamentary substitutes for\nthe purpose of election by surviving spouse.\n (1) Where a person dies after August thirty-first, nineteen hundred\nninety-two and is survived by a spouse who exercises a right of election\nunder paragraph (a), the transactions affected by and property interests\nof the decedent described in clauses (A) through (H), whether benefiting\nthe surviving spouse or any other person, shall be treated as\ntestamentary substitutes and the capital value thereof, as of the\ndecedent's death, shall be included in the net estate subject to the\nsurviving spouse's elective right except to the extent that the\nsurviving spouse has executed a waiver of release pursuant to paragraph\n(e) with respect thereto. Notwithstanding the foregoing, a transaction,\nother than a transaction described in clause (G), that is irrevocable or\nis revocable only with the consent of a person having a substantial\nadverse interest (including any
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