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 rationale for granting an election to the surviving spouse is to ensure that the surviving spouse receives at a minimum amount of the decedents wealth which, in many cases, was accrued during the marriage.
Currently, the amount to be reserved for a spouse is determined by the law of the state where the estate is located. In most states, the elective share is between 1/3 and 1/2 of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the elective share if the surviving spouse is independently wealthy.
The Arkansas Notice of Election by Surviving Spouse is a legal document that plays a crucial role in the probate process of an estate in Arkansas. This notice allows a surviving spouse to make an important decision regarding their rights and entitlements during the distribution of the deceased spouse's assets. When a person passes away in Arkansas, their estate is subject to the probate process, which involves the court-supervised administration of the estate. During this process, the surviving spouse has the opportunity to choose between two options: accepting the provisions made for them in the deceased spouse's will (if there is one) or electing for a statutory share of the estate. If the surviving spouse decides to accept the provisions made in the will, they are acknowledging their agreement with the distribution plan outlined in the document. On the other hand, if the surviving spouse decides to elect for a statutory share, they are entitled to receive a portion of the deceased spouse's estate as dictated by Arkansas state law, regardless of the will's provisions. The Arkansas Notice of Election by Surviving Spouse serves as a formal declaration by the surviving spouse, notifying the court and all interested parties of their decision. By filing this notice, the surviving spouse ensures that their rights are protected and that their chosen option is enforceable by law. Keywords: Arkansas, notice of election, surviving spouse, probate process, estate, distribution, assets, legal document, statutory share, will, court, declaration, interested parties, enforceable. There are no different types of Arkansas Notice of Election by Surviving Spouse as it primarily focuses on the surviving spouse's decision to accept the provisions in the will or elect for a statutory share.
