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 Georgia Notice of Election by Surviving Spouse is an important legal document that allows the surviving spouse to exercise their rights and make informed decisions after the death of their partner. This notice serves as a formal declaration of the surviving spouse's intention regarding the deceased spouse's estate. In Georgia, there are two types of Notice of Election by Surviving Spouse: 1. "Notice of Election to take under the Will": This type of notice is filed by the surviving spouse when they choose to accept the provisions set forth in the deceased spouse's will. By submitting this notice, the surviving spouse indicates their agreement to inherit the assets and benefits specified in the will. 2. "Notice of Election not to take under the Will": In certain circumstances, the surviving spouse may decide not to accept the provisions outlined in the deceased spouse's will. By issuing this notice, the surviving spouse declares their intention to exercise their statutory rights as a surviving spouse rather than rely on the provisions of the will. It's important to note that the Notice of Election by Surviving Spouse must be filed within a specific timeframe, typically within six months from the date of the deceased spouse's death. Failure to file the notice within this deadline may result in a loss of certain rights and benefits. The purpose of this notice is to protect the surviving spouse's interests and ensure they have the opportunity to make informed decisions about their rights to the deceased spouse's estate. By submitting this notice, the surviving spouse establishes their position in the probate process and formally communicates whether they choose to accept or reject the provisions outlined in the will. Some relevant keywords for this topic include: Georgia marital rights, surviving spouse's election, probate process, estate planning, will provision, inheritance rights, notice of election forms, legal requirements, statutory deadlines, asset distribution. In conclusion, the Georgia Notice of Election by Surviving Spouse is a crucial legal document that allows the surviving spouse to exercise their rights and make decisions concerning the deceased spouse's estate. It comes in two types: Notice of Election to take under the Will and Notice of Election not to take under the Will. Filing this notice within the specified timeframe is vital to protect the surviving spouse's interests and ensure they can assert their rights to the estate effectively.
