Widow's Allowance

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Estate

    All of the valuable things an individual owns, such as real estate, ...
  2. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  3. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  4. Estate Freeze

    An asset management strategy whereby an estate owner aims to ...
  5. Qualified Widow Or Widower

    The least common of the five types of tax filing status each ...
  6. Laughing Heir

    A distant relative who has inheritance rights despite not having ...
Related Articles
  1. Getting Started On Your Estate Plan
    Options & Futures

    Getting Started On Your Estate Plan

  2. Three Documents You Shouldn't Do Without ...
    Options & Futures

    Three Documents You Shouldn't Do Without ...

  3. An Estate Planning Must: Update Your ...
    Options & Futures

    An Estate Planning Must: Update Your ...

  4. Get Ready For The Estate Tax Phase-Out
    Personal Finance

    Get Ready For The Estate Tax Phase-Out

comments powered by Disqus
Hot Definitions
  1. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  2. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  3. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  4. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  5. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
  6. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
Trading Center