(a) In the proceeding for an elective share, all property (including beneficial interests) which passes or has passed to the surviving spouse under the decedent's will or by intestacy, by any homestead allowance, and by Section 62-2-401, or which would have passed to the spouse but was renounced, is applied first to satisfy the elective share and to reduce any contributions due from other recipients of transfers included in the probate estate. For purposes of this subsection, the value of the electing spouse's beneficial interest in any property which would qualify for the federal estate tax marital deduction pursuant to Section 2056 of the Internal Revenue Code, as amended, shall be computed at the full value of any such qualifying property (qualifying for these purposes to be determined without regard to whether an election has been made to treat the property as qualified terminable interest property).
(b) Remaining property of the probate estate is so applied that liability for the balance of the elective share of the surviving spouse shall be satisfied from the probate estate with devises abating in accordance with Section 62-3-902.