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 Iowa Waiver of Right to Election by Spouse is a legal document that eliminates or restricts the spouse's ability to inherit assets from the deceased spouse's estate. When someone in Iowa prepares their estate plan, they may consider including a waiver as part of their strategy to control the distribution of their assets upon their death. This waiver is especially useful when the decedent wants to ensure that specific individuals or organizations receive their assets, without any claim from their spouse. In Iowa, there are two main types of waivers of right to election by a spouse: 1. Full Waiver: A full waiver completely relinquishes the spouse's right to claim any inheritance from the deceased spouse's estate. By signing this waiver, the spouse agrees to accept whatever assets or provisions are specifically designated for them in the decedent's estate planning documents, such as a will or trust. This type of waiver ensures a clear and straightforward distribution process, as it eliminates any potential claims or disputes from the spouse in the future. 2. Limited Waiver: A limited waiver, also known as a partial waiver, restricts the spouse's right to claim a specific portion or type of assets from the decedent's estate. This type of waiver provides more flexibility to the decedent, allowing them to distribute their assets to other beneficiaries or allocate them to specific purposes. The limited waiver may outline the assets to be waived, such as real estate, investment accounts, or personal property, while still granting other assets or benefits to the spouse. The purpose of implementing an Iowa Waiver of Right to Election by Spouse is to provide certainty and control over the distribution of one's assets after death. It ensures that the decedent's wishes are upheld and prevents any unintended or unexpected claims from the surviving spouse. It is crucial to remember that the Iowa Waiver of Right to Election by Spouse is a legally binding document and should be prepared with the assistance of an experienced attorney to ensure its validity and compliance with state laws.The Iowa Waiver of Right to Election by Spouse is a legal document that eliminates or restricts the spouse's ability to inherit assets from the deceased spouse's estate. When someone in Iowa prepares their estate plan, they may consider including a waiver as part of their strategy to control the distribution of their assets upon their death. This waiver is especially useful when the decedent wants to ensure that specific individuals or organizations receive their assets, without any claim from their spouse. In Iowa, there are two main types of waivers of right to election by a spouse: 1. Full Waiver: A full waiver completely relinquishes the spouse's right to claim any inheritance from the deceased spouse's estate. By signing this waiver, the spouse agrees to accept whatever assets or provisions are specifically designated for them in the decedent's estate planning documents, such as a will or trust. This type of waiver ensures a clear and straightforward distribution process, as it eliminates any potential claims or disputes from the spouse in the future. 2. Limited Waiver: A limited waiver, also known as a partial waiver, restricts the spouse's right to claim a specific portion or type of assets from the decedent's estate. This type of waiver provides more flexibility to the decedent, allowing them to distribute their assets to other beneficiaries or allocate them to specific purposes. The limited waiver may outline the assets to be waived, such as real estate, investment accounts, or personal property, while still granting other assets or benefits to the spouse. The purpose of implementing an Iowa Waiver of Right to Election by Spouse is to provide certainty and control over the distribution of one's assets after death. It ensures that the decedent's wishes are upheld and prevents any unintended or unexpected claims from the surviving spouse. It is crucial to remember that the Iowa Waiver of Right to Election by Spouse is a legally binding document and should be prepared with the assistance of an experienced attorney to ensure its validity and compliance with state laws.
