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.
Indiana Notice of Election by Surviving Spouse is a legal document that refers to the process by which a surviving spouse can choose to accept or renounce the provisions made for them in the deceased spouse's will. This Notice of Election is required when a spouse believes that the provisions made in the will are not sufficient for their needs or are not in accordance with the statutory rights they are entitled to. In Indiana, there are two main types of Notice of Election by Surviving Spouse: 1. Formal Notice of Election by Surviving Spouse: This type of notice is typically used when the surviving spouse wishes to formally elect to take their statutory share of the decedent's estate rather than abiding by the provisions made in the will. By filing this notice, the surviving spouse exercises their right to claim one-half of the net estate or the amount provided under the will, whichever is greater. 2. Informal Notice of Election by Surviving Spouse: This notice is an alternative to the formal process and is used when the surviving spouse and other interested parties agree on a different distribution of assets outside the statutory rights. This type of notice is usually used in cases where the surviving spouse and other beneficiaries mutually decide on a fair distribution of assets that better suits their individual needs and circumstances. Keywords: — Indiana Notice of Election by Surviving Spouse — Indiana probate la— - Surviving spouse statutory rights — Renounce provisionWillieil— - Electing statutory share of the estate — Formanoticeic— - Informal notice - Distribution of assets — Neestateat— - Beneficiaries - Will provisions — Estates and Trust— - Spousal rights in Indiana probate — Claiming rightfustarar— - Legal process after a spouse's death — Estate planning for surviving spouses in IndianaIndiana Notice of Election by Surviving Spouse is a legal document that refers to the process by which a surviving spouse can choose to accept or renounce the provisions made for them in the deceased spouse's will. This Notice of Election is required when a spouse believes that the provisions made in the will are not sufficient for their needs or are not in accordance with the statutory rights they are entitled to. In Indiana, there are two main types of Notice of Election by Surviving Spouse: 1. Formal Notice of Election by Surviving Spouse: This type of notice is typically used when the surviving spouse wishes to formally elect to take their statutory share of the decedent's estate rather than abiding by the provisions made in the will. By filing this notice, the surviving spouse exercises their right to claim one-half of the net estate or the amount provided under the will, whichever is greater. 2. Informal Notice of Election by Surviving Spouse: This notice is an alternative to the formal process and is used when the surviving spouse and other interested parties agree on a different distribution of assets outside the statutory rights. This type of notice is usually used in cases where the surviving spouse and other beneficiaries mutually decide on a fair distribution of assets that better suits their individual needs and circumstances. Keywords: — Indiana Notice of Election by Surviving Spouse — Indiana probate la— - Surviving spouse statutory rights — Renounce provisionWillieil— - Electing statutory share of the estate — Formanoticeic— - Informal notice - Distribution of assets — Neestateat— - Beneficiaries - Will provisions — Estates and Trust— - Spousal rights in Indiana probate — Claiming rightfustarar— - Legal process after a spouse's death — Estate planning for surviving spouses in Indiana
