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. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  2. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  3. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  4. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  5. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  6. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
Trading Center