75-2-403 - Exempt property.
75-2-403. Exempt property.
In addition to the homestead allowance, the decedent's surviving spouse is entitled fromthe estate to a value, not exceeding $15,000 in excess of any security interests therein, inhousehold furniture, automobiles, furnishings, appliances, and personal effects. If there is nosurviving spouse, the decedent's children are entitled jointly to the same value. If encumberedchattels are selected and the value in excess of security interests, plus that of other exemptproperty, is less than $15,000, or if there is not $15,000 worth of exempt property in the estate,the spouse or children are entitled to other assets of the estate, if any, to the extent necessary tomake up the $15,000 value. Rights to exempt property and assets needed to make up adeficiency of exempt property have priority over all claims against the estate, but the right to anyassets to make up a deficiency of exempt property abates as necessary to permit earlier paymentof homestead allowance and family allowance. Unless otherwise provided by the will orgoverning instrument, the exempt property allowance is chargeable against any benefit or sharepassing to the surviving spouse, if any, or if there is no surviving spouse, to the decedent'schildren, by the will of the decedent, by intestate succession, by way of elective share, and byway of nonprobate transfers as defined in Sections 75-2-205 and 75-2-206.
Amended by Chapter 93, 2010 General Session