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.
Connecticut Notice of Election by Surviving Spouse is a legal document that serves an important role in the estate planning and probate process. This document allows the surviving spouse of a deceased individual to make an election regarding their right to the deceased's assets. The Notice of Election by Surviving Spouse is typically filed with the probate court within a specific timeframe after the death of the spouse. It is crucial for the surviving spouse to understand their rights and responsibilities, as well as the different types of elections that can be made in the state of Connecticut. One type of Connecticut Notice of Election by Surviving Spouse is the Elective Share. This allows the surviving spouse to claim a portion of the deceased's estate, even if they were not included or adequately provided for in the deceased's will or other estate planning documents. The Elective Share ensures that the surviving spouse is not left with an insufficient amount to support their needs. Another type of election is the Homestead Allowance. This entitles the surviving spouse to a specific amount of the deceased's property, which is protected from creditors' claims. The purpose of this allowance is to provide the surviving spouse with a place to reside and to maintain some level of stability following the death of their spouse. The Notice of Election by Surviving Spouse also covers the provisions for exempt property. Exempt property refers to certain items and personal belongings that the surviving spouse is entitled to keep, regardless of the deceased's intentions. This includes items such as furniture, appliances, and personal possessions that hold sentimental value. It is important for the surviving spouse to file the Notice of Election by Surviving Spouse promptly and accurately, as failure to do so within the specified timeframe may result in the loss of their rights to these elections. Seeking legal advice and guidance from an experienced probate attorney is highly recommended ensuring that all necessary requirements and deadlines are met. In summary, a Connecticut Notice of Election by Surviving Spouse is a crucial legal document that allows the surviving spouse to assert their rights and claim a share of the deceased's estate. The Elective Share, Homestead Allowance, and exemptions for exempt property are all important considerations in this process. Proper understanding and timely filing of this notice is essential to protect the rights and interests of the surviving spouse.
