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.
California Waiver of Right to Election by Spouse, also known as a Spousal Waiver, is a legal document used in the state of California to waive certain rights of a surviving spouse to inherit from the decedent's estate. This waiver is typically executed during the lifetime of the decedent and becomes effective upon their death. The purpose of the California Waiver of Right to Election by Spouse is to provide clarity and certainty regarding the distribution of the deceased spouse's estate, especially when there is a desire to leave assets to other beneficiaries, such as children or charities. By signing this waiver, the surviving spouse voluntarily gives up their right to claim a statutory share of the deceased spouse's assets. Keywords: California, Waiver of Right to Election by Spouse, Spousal Waiver, surviving spouse, decedent's estate, inherit, distribution, beneficiaries, statutory share, assets. Types of California Waiver of Right to Election by Spouse: 1. Full Waiver: In this type of waiver, the surviving spouse completely waives their right to the statutory share in all the decedent's assets. They acknowledge and accept that they will not inherit any portion of the estate, and the assets can be distributed according to the decedent's wishes. 2. Partial Waiver: With a partial waiver, the surviving spouse agrees to waive their right to a specific portion or certain assets of the estate while retaining the right to claim their statutory share in the remaining assets. This allows for more flexibility in estate planning, where the decedent can specifically allocate assets to other beneficiaries. 3. Limited Term Waiver: This type of waiver can be time-limited, usually for a specific period specified in the document. The surviving spouse agrees to waive their right to election for a designated period, after which the waiver becomes null and void, and the statutory share can be claimed. 4. Conditional Waiver: A conditional waiver is based on certain conditions specified in the document. For example, the surviving spouse may waive their right to election if they have already received ample financial provisions through other means, such as insurance policies or trusts. 5. Revocable Waiver: In some cases, a waiver may be revocable, meaning it can be revoked or amended by the surviving spouse at any time during their lifetime. This provides flexibility if circumstances change or if the surviving spouse wishes to modify their decision. It is crucial to consult with an experienced estate planning attorney when considering a California Waiver of Right to Election by Spouse, as the laws and requirements may vary. This will ensure that the document is legally valid and adequately reflects the individual's intentions regarding the distribution of their estate.California Waiver of Right to Election by Spouse, also known as a Spousal Waiver, is a legal document used in the state of California to waive certain rights of a surviving spouse to inherit from the decedent's estate. This waiver is typically executed during the lifetime of the decedent and becomes effective upon their death. The purpose of the California Waiver of Right to Election by Spouse is to provide clarity and certainty regarding the distribution of the deceased spouse's estate, especially when there is a desire to leave assets to other beneficiaries, such as children or charities. By signing this waiver, the surviving spouse voluntarily gives up their right to claim a statutory share of the deceased spouse's assets. Keywords: California, Waiver of Right to Election by Spouse, Spousal Waiver, surviving spouse, decedent's estate, inherit, distribution, beneficiaries, statutory share, assets. Types of California Waiver of Right to Election by Spouse: 1. Full Waiver: In this type of waiver, the surviving spouse completely waives their right to the statutory share in all the decedent's assets. They acknowledge and accept that they will not inherit any portion of the estate, and the assets can be distributed according to the decedent's wishes. 2. Partial Waiver: With a partial waiver, the surviving spouse agrees to waive their right to a specific portion or certain assets of the estate while retaining the right to claim their statutory share in the remaining assets. This allows for more flexibility in estate planning, where the decedent can specifically allocate assets to other beneficiaries. 3. Limited Term Waiver: This type of waiver can be time-limited, usually for a specific period specified in the document. The surviving spouse agrees to waive their right to election for a designated period, after which the waiver becomes null and void, and the statutory share can be claimed. 4. Conditional Waiver: A conditional waiver is based on certain conditions specified in the document. For example, the surviving spouse may waive their right to election if they have already received ample financial provisions through other means, such as insurance policies or trusts. 5. Revocable Waiver: In some cases, a waiver may be revocable, meaning it can be revoked or amended by the surviving spouse at any time during their lifetime. This provides flexibility if circumstances change or if the surviving spouse wishes to modify their decision. It is crucial to consult with an experienced estate planning attorney when considering a California Waiver of Right to Election by Spouse, as the laws and requirements may vary. This will ensure that the document is legally valid and adequately reflects the individual's intentions regarding the distribution of their estate.
