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.
A Colorado Waiver of Right to Election by Spouse is a legal document that allows a married individual to voluntarily give up their right to claim a portion of their spouse's estate after their death. This waiver effectively waives their right to elect against the provisions made in their spouse's will or trust. In Colorado, under the Revised Statutes section 15-11-201, a surviving spouse is entitled to a portion of their deceased spouse's estate, known as the "elective share." However, the Waiver of Right to Election by Spouse enables both spouses to enter into an agreement that waives this entitlement, providing certainty in estate planning matters. This waiver can be particularly useful in situations where a married couple wishes to distribute their assets according to their own preferences, rather than relying on the default provisions of the law. By signing the Waiver of Right to Election by Spouse, the couple can ensure that their estate plan reflects their specific intentions and avoids any potential conflicts that may arise. Different types of Colorado Waiver of Right to Election by Spouse may include: 1. Mutual Waiver of Right to Election: This type of waiver is entered into by both spouses, whereby each party voluntarily gives up their right to claim their elective share in the other spouse's estate. 2. Unilateral Waiver of Right to Election: In certain cases, one spouse may choose to waive their right to election while the other spouse does not. This unilateral waiver can still be effective if it is clearly stated in a legally binding agreement. 3. Partial Waiver of Right to Election: Instead of waiving the right to election entirely, some spouses may choose to waive a specific portion or percentage of their elective share. This allows for a more customized approach to estate planning and asset distribution. When considering a Colorado Waiver of Right to Election by Spouse, it is crucial to consult with an experienced estate planning attorney who can guide you through the legal implications and ensure that your intentions are properly documented. Estate laws can vary, so it's important to understand the specific requirements and limitations in Colorado to make informed decisions regarding the waiver.
