Paralegal Advanced Competency Exam (PACE) Practice Exam

What is the statutory share commonly associated with?

1. The minimum income required for tax return filing

2. A surviving spouse's entitlement from the deceased spouse's estate

3. Legal expenses incurred during estate litigation

4. The income derived from corporate dividends

The correct answer is: A surviving spouse's entitlement from the deceased spouse's estate

The statutory share is primarily associated with a surviving spouse's entitlement from the deceased spouse's estate. This legal provision ensures that a surviving spouse receives a minimum portion of the deceased spouse’s estate, regardless of what the deceased may have specified in their will. It is intended to protect the surviving spouse against disinheritance and to provide them with financial support after the death of their partner. In many jurisdictions, the statutory share varies, but it often represents a fixed percentage of the estate or a specific share of the intestate property. This concept comes into play particularly in intestate succession cases, where an individual dies without a valid will, but it may also apply in probate proceedings where a will exists. The aim is to adhere to public policy considerations regarding family support and to ensure a fair distribution of assets to the surviving spouse. Other options lack this connection to spousal rights or inheritance law. The minimum income required for tax return filing refers to taxation guidelines, while legal expenses incurred during estate litigation pertain to costs associated with disputes over an estate, and corporate dividends involve income generation from investments in stocks, emphasizing the importance of understanding the specific legal context of each term.