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 Arizona Notice of Election by Surviving Spouse is a legal document that serves an important purpose in estate planning and the distribution of assets after someone's passing in the state of Arizona. This notice allows a surviving spouse to exercise their right to elect an alternative to the provisions made in the deceased spouse's will or trust. In the event of a decedent's death, the surviving spouse has the option to either accept the distribution of assets as stated in the will/trust or to exercise their right to elect against the will/trust and receive a certain portion of the decedent's estate. This election can be made by submitting a formal Notice of Election by Surviving Spouse to the appropriate court or legal entity overseeing the probate process. The purpose of this notice is to provide clear communication to the court and all interested parties about the surviving spouse's intent. It also ensures that the surviving spouse's rights are protected during the probate process, allowing them to make alternative arrangements if deemed necessary. There are two main types of Arizona Notices of Election by Surviving Spouse: 1. Notice of Election by Surviving Spouse to Take Under Will/Trust: This type of notice is filed when the surviving spouse chooses to accept the distribution of assets as provided in the deceased spouse's will or trust. By filing this notice, the surviving spouse confirms their agreement and acknowledges their intention to receive the assets in accordance with the decedent's wishes. 2. Notice of Election by Surviving Spouse Against Will/Trust: This notice is filed when the surviving spouse decides to exercise their right to elect against the will or trust provisions. By submitting this notice, the surviving spouse requests an alternative distribution of the estate, as provided by law. This may include a statutory share or a different method of distribution, ensuring the surviving spouse receives their fair portion of the assets. In summary, the Arizona Notice of Election by Surviving Spouse is a legal document that grants the surviving spouse the opportunity to make alternative arrangements for the distribution of assets. By filing either the Notice of Election by Surviving Spouse to Take Under Will/Trust or the Notice of Election by Surviving Spouse Against Will/Trust, the surviving spouse can ensure their rights are protected, and their wishes and entitlements are properly accounted for in the probate process.
