Widow's Allowance


DEFINITION of 'Widow's Allowance'

An allowance of funds and/or personal property received by a widow after her husband's death to meet her immediate requirements. The amount of the allowance is decided by statute or court and is meant to protect the widow and family of a deceased person from financial hardship during administration of the deceased's estate.

BREAKING DOWN 'Widow's Allowance'

The amount of the widow's allowance is either fixed by statute or, more commonly, determined by probate court on the basis of the deceased person's estate and the family's standard of living. Under most circumstances, the widow's allowance is likely to be higher if the deceased was wealthy and left behind a large estate than if the family had a modest standard of living and the size of the estate is modest.

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  1. How does a qualifying widow obtain widow's allowance?

    The requirements that a widow must meet to obtain a widow's allowance include having a child who is claimed as a dependent ... Read Full Answer >>
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    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  3. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  4. Who decides if a financial security should be escheated?

    There is no one entity who "decides" to escheat assets. Rather, financial institutions are required to report inactive accounts ... Read Full Answer >>
  5. What causes a stock account to be escheated?

    Your state government may be able to escheat your stock account or another financial asset if the account or asset is deemed ... Read Full Answer >>
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    Typically, 401(k) plans are not subject to state escheatment laws because they are covered under the Employee Retirement ... Read Full Answer >>

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