An elective share is a term used relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedent's will. It has also been called a widow's share, statutory share, election against the will, or forced share.
The election rights of a spouse are governed by state laws, which vary by state. Under such laws, the surviving spouse has historically had the option of either:
1. Accepting what was provided to him or her pursuant to the decedents will; or
2. Electing to take a fixed portion of the decedents probate estate property.
The right of election of a surviving spouse may be waived, wholly or partially, by a written agreement, or by a waiver signed by the surviving spouse. A valid waiver by a surviving spouse of a right of election against a will must meet three requirements:
1. It must be in the form of a written contract or agreement;
2. It must be signed by the party waiving the right; and
3. There must have been fair disclosure.
The Alabama Waiver of Right to Election by Spouse is a legal document that allows individuals to relinquish their right to claim a certain portion of their spouse's estate after their passing. By waiving this right, an individual voluntarily gives up their statutory share as determined by Alabama probate laws, and allows the deceased spouse's estate to be distributed in accordance with their will or other estate planning documents. This waiver is typically used when spouses mutually agree to distribute their assets and property in a manner that may deviate from the default rules of distribution. It provides peace of mind to both parties involved, ensuring clarity and preventing potential disputes or complications during the probate process. By signing the Alabama Waiver of Right to Election by Spouse, the waiving spouse acknowledges that they have been informed about their right to claim a statutory share, irrespective of the will or testamentary documents. It is important to note that this waiver applies to all forms of property owned by the deceased, including but not limited to real estate, financial accounts, personal belongings, and investments. Different types or variations of the Alabama Waiver of Right to Election by Spouse may include: 1. Waiver of Right to Elective Share: This waiver specifically refers to the right to claim an elective share, which is a statutory portion of the deceased spouse's estate that can be claimed even if it contradicts the terms of their will. 2. Waiver of Right to Statutory Share: This type of waiver relinquishes the right to claim a statutory share, which is a predetermined portion of the estate that spouses are entitled to receive even if they are omitted from the will or testamentary documents. 3. Waiver of Right to Adoption: Adoption refers to the situation when a specific bequest described in the will no longer exists or is owned by the deceased at the time of their death. This type of waiver allows the waiving spouse to relinquish their right to claim an equivalent or substitute property in place of the adopted bequest. It is important to consult with an experienced attorney to ensure that the specific Waiver of Right to Election by Spouse document adheres to Alabama state laws and fully encompasses the intentions of both spouses.
