(1) For purposes of intestate succession, homestead allowance, and exempt property, and except as otherwise provided in subsection (2):

(a) an individual who was born before a decedent‘s death but who fails to survive the decedent by one hundred twenty hours is deemed to have predeceased the decedent. If it is not established that an individual who was born before the decedent’s death survived the decedent by one hundred twenty hours, it is deemed that the individual failed to survive for the required period;

(b) an individual who was in gestation at a decedent’s death is deemed to be living at the decedent’s death if the individual lives one hundred twenty hours after birth. If it is not established that an individual who was in gestation at the decedent’s death lived one hundred twenty hours after birth, it is deemed that the individual failed to survive for the required period.

(2) This section does not apply if it would result in a taking of the intestate estate by the state under § 62-2-105.