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 Arizona Waiver of Right to Election by Spouse is a legal document that allows an individual to waive their right to make an election against their spouse's estate. In Arizona, when a person passes away, their estate is typically subject to probate, where their assets are distributed among their beneficiaries. However, Arizona law provides protection to surviving spouses by granting them a right to claim a certain portion of the deceased spouse's estate, known as the right to election. This right is intended to ensure that the surviving spouse is not left without any assets or support after the death of their partner. The Waiver of Right to Election by Spouse allows the surviving spouse to voluntarily give up their right to make an election against their deceased spouse's estate. By signing this waiver, the surviving spouse agrees to forgo any claim they may have had over the deceased spouse's assets, property, or other forms of inheritance. This legal document ensures that the desires of the deceased spouse, as outlined in their will or estate plan, are carried out without any interference from the surviving spouse's right to elect against their estate. It provides a level of certainty for the deceased spouse's beneficiaries and allows for a smoother and quicker distribution of assets without the need for court intervention. It is important to note that there are different types of Waiver of Right to Election by Spouse in Arizona. These waivers can be general or specific, depending on the circumstances and the intentions of the parties involved. A general waiver relinquishes the surviving spouse's right to election completely and is typically used when there is a prenuptial or postnuptial agreement in place. On the other hand, a specific waiver may only apply to certain assets or a specific amount of the estate. In conclusion, the Arizona Waiver of Right to Election by Spouse is a legal document that allows a surviving spouse to voluntarily give up their right to make an election against their deceased spouse's estate. This waiver ensures that the deceased spouse's desires are honored and provides a smoother distribution of assets. Different types of waivers exist, such as general and specific waivers, catering to the specific needs and circumstances of the parties involved.
