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 Georgia Waiver of Right to Election by Spouse refers to a legal document used in estate planning to waive the rights of a surviving spouse to claim a certain share of the deceased spouse's estate. This waiver is commonly utilized in Georgia to ensure a smooth transfer of assets to intended beneficiaries and provide clarity regarding distribution after death. When a person passes away without leaving a will or a comprehensive estate plan, Georgia law grants the surviving spouse the right to elect a specific portion of the deceased spouse's estate. This is known as the "right to election" or "elective share." However, through the Georgia Waiver of Right to Election by Spouse, the surviving spouse can voluntarily relinquish their entitlement to this elective share. By signing the waiver, the surviving spouse declares their explicit intention to forgo their right to the elective share and agrees to accept the benefits and terms laid out in the deceased spouse's will or estate plan. This allows the deceased spouse's assets to be transferred according to their wishes without interference or claims from the surviving spouse. There are several types of Georgia Waiver of Right to Election by Spouse that may be employed depending on the specific circumstances: 1. General Waiver: This type of waiver completely relinquishes the surviving spouse's right to the elective share. It states that the surviving spouse willingly gives up any claims to a portion of the deceased spouse's estate. 2. Limited Waiver: In some cases, couples may decide to limit the extent of the waiver instead of entirely waiving the right to the elective share. This may be done to ensure that the surviving spouse receives certain specific assets or an agreed-upon amount while allowing the remaining estate to pass according to the deceased spouse's wishes. 3. Partial Waiver: Similar to a limited waiver, a partial waiver allows the surviving spouse to retain a portion of their elective share while relinquishing the right to the balance. This may be useful when the couple intends to provide for other beneficiaries or if there are particular assets the surviving spouse desires to keep. 4. Conditional Waiver: Under certain circumstances, a waiver may be made conditional upon specific events or conditions. For example, a surviving spouse may waive their right to the elective share if they remarry or receive adequate provision from another source. It is crucial to consult with an experienced attorney to ensure the correct type of Georgia Waiver of Right to Election by Spouse is used in accordance with the specific needs and goals of the estate plan.The Georgia Waiver of Right to Election by Spouse refers to a legal document used in estate planning to waive the rights of a surviving spouse to claim a certain share of the deceased spouse's estate. This waiver is commonly utilized in Georgia to ensure a smooth transfer of assets to intended beneficiaries and provide clarity regarding distribution after death. When a person passes away without leaving a will or a comprehensive estate plan, Georgia law grants the surviving spouse the right to elect a specific portion of the deceased spouse's estate. This is known as the "right to election" or "elective share." However, through the Georgia Waiver of Right to Election by Spouse, the surviving spouse can voluntarily relinquish their entitlement to this elective share. By signing the waiver, the surviving spouse declares their explicit intention to forgo their right to the elective share and agrees to accept the benefits and terms laid out in the deceased spouse's will or estate plan. This allows the deceased spouse's assets to be transferred according to their wishes without interference or claims from the surviving spouse. There are several types of Georgia Waiver of Right to Election by Spouse that may be employed depending on the specific circumstances: 1. General Waiver: This type of waiver completely relinquishes the surviving spouse's right to the elective share. It states that the surviving spouse willingly gives up any claims to a portion of the deceased spouse's estate. 2. Limited Waiver: In some cases, couples may decide to limit the extent of the waiver instead of entirely waiving the right to the elective share. This may be done to ensure that the surviving spouse receives certain specific assets or an agreed-upon amount while allowing the remaining estate to pass according to the deceased spouse's wishes. 3. Partial Waiver: Similar to a limited waiver, a partial waiver allows the surviving spouse to retain a portion of their elective share while relinquishing the right to the balance. This may be useful when the couple intends to provide for other beneficiaries or if there are particular assets the surviving spouse desires to keep. 4. Conditional Waiver: Under certain circumstances, a waiver may be made conditional upon specific events or conditions. For example, a surviving spouse may waive their right to the elective share if they remarry or receive adequate provision from another source. It is crucial to consult with an experienced attorney to ensure the correct type of Georgia Waiver of Right to Election by Spouse is used in accordance with the specific needs and goals of the estate plan.
