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 Hawaii Waiver of Right to Election by Spouse is a legal document that prevents a surviving spouse from claiming a statutory share of their deceased spouse's estate. This waiver effectively waives the surviving spouse's right to claim a portion of the deceased spouse's assets under the state's laws of intestacy or elective share. In Hawaii, there are two types of Waivers of Right to Election by Spouse: 1. Specific Waiver: This type of waiver explicitly identifies the assets, properties, or specific provisions of the deceased spouse's estate that the surviving spouse is waiving their right to claim. It details the exact items or interests that the surviving spouse agrees to relinquish any claim to. 2. General Waiver: A general waiver is a broader form of waiver where the surviving spouse waives their right to claim any portion of the deceased spouse's estate. It doesn't specifically list or identify any assets, but instead, it fully and completely releases any rights the surviving spouse may have had over the deceased spouse's estate. In both types of waivers, it is crucial to ensure that the waiver is voluntary, informed, and executed with the assistance of legal counsel. This is to protect the rights of both parties and ensure that the waiver is valid and legally binding. By signing the Hawaii Waiver of Right to Election by Spouse, the surviving spouse acknowledges that they fully understand the consequences of waiving their right to claim a portion of the deceased spouse's estate. They are essentially giving up any potential claims they may have to the assets and properties that would have been available to them under the laws of intestacy or elective share. It is important to note that the Waiver of Right to Election by Spouse may be part of a prenuptial agreement or postnuptial agreement. These agreements are legal contracts entered into by couples before or during their marriage, and they often outline how their assets will be distributed in the event of divorce or death. When considering a Waiver of Right to Election by Spouse in Hawaii, it is highly recommended consulting with an experienced estate planning attorney to ensure that the waiver accurately reflects your intentions and complies with all applicable laws. This will help prevent any potential disputes or challenges to the validity of the waiver in the future.The Hawaii Waiver of Right to Election by Spouse is a legal document that prevents a surviving spouse from claiming a statutory share of their deceased spouse's estate. This waiver effectively waives the surviving spouse's right to claim a portion of the deceased spouse's assets under the state's laws of intestacy or elective share. In Hawaii, there are two types of Waivers of Right to Election by Spouse: 1. Specific Waiver: This type of waiver explicitly identifies the assets, properties, or specific provisions of the deceased spouse's estate that the surviving spouse is waiving their right to claim. It details the exact items or interests that the surviving spouse agrees to relinquish any claim to. 2. General Waiver: A general waiver is a broader form of waiver where the surviving spouse waives their right to claim any portion of the deceased spouse's estate. It doesn't specifically list or identify any assets, but instead, it fully and completely releases any rights the surviving spouse may have had over the deceased spouse's estate. In both types of waivers, it is crucial to ensure that the waiver is voluntary, informed, and executed with the assistance of legal counsel. This is to protect the rights of both parties and ensure that the waiver is valid and legally binding. By signing the Hawaii Waiver of Right to Election by Spouse, the surviving spouse acknowledges that they fully understand the consequences of waiving their right to claim a portion of the deceased spouse's estate. They are essentially giving up any potential claims they may have to the assets and properties that would have been available to them under the laws of intestacy or elective share. It is important to note that the Waiver of Right to Election by Spouse may be part of a prenuptial agreement or postnuptial agreement. These agreements are legal contracts entered into by couples before or during their marriage, and they often outline how their assets will be distributed in the event of divorce or death. When considering a Waiver of Right to Election by Spouse in Hawaii, it is highly recommended consulting with an experienced estate planning attorney to ensure that the waiver accurately reflects your intentions and complies with all applicable laws. This will help prevent any potential disputes or challenges to the validity of the waiver in the future.
