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.
Kansas Waiver of Right to Election by Spouse is a legal document that allows a married individual in the state of Kansas to waive their right to claim a portion of their deceased spouse's estate through the elective share. The elective share is a statutory provision that ensures a surviving spouse receives a fair share of their deceased partner's estate, regardless of what is specified in their will or trust. By signing the Kansas Waiver of Right to Election by Spouse, the individual voluntarily gives up their right to the elective share. This waiver is commonly used in estate planning to protect the testator's intentions and ensure that specific assets or amounts are passed on to intended beneficiaries. There are two main types of Kansas Waiver of Right to Election by Spouse: 1. Partial Waiver: In this type, the surviving spouse waives their right to a portion of the estate while still retaining some rights to claim certain assets or a specific amount. 2. Full Waiver: With a full waiver, the surviving spouse completely relinquishes their right to the elective share. They will not be entitled to any portion of the estate under the elective share laws. It is important to note that a Kansas Waiver of Right to Election by Spouse must be voluntary and made with full understanding of its consequences. It is advisable for both spouses to consult with an estate planning attorney to ensure this waiver accurately reflects their intentions and aligns with their overall estate plan. When drafting a Kansas Waiver of Right to Election by Spouse, important keywords to include are: Kansas law, elective share, surviving spouse, estate planning, waiver, assets, beneficiary, testator, elective share laws, voluntary, consequences, and estate plan.Kansas Waiver of Right to Election by Spouse is a legal document that allows a married individual in the state of Kansas to waive their right to claim a portion of their deceased spouse's estate through the elective share. The elective share is a statutory provision that ensures a surviving spouse receives a fair share of their deceased partner's estate, regardless of what is specified in their will or trust. By signing the Kansas Waiver of Right to Election by Spouse, the individual voluntarily gives up their right to the elective share. This waiver is commonly used in estate planning to protect the testator's intentions and ensure that specific assets or amounts are passed on to intended beneficiaries. There are two main types of Kansas Waiver of Right to Election by Spouse: 1. Partial Waiver: In this type, the surviving spouse waives their right to a portion of the estate while still retaining some rights to claim certain assets or a specific amount. 2. Full Waiver: With a full waiver, the surviving spouse completely relinquishes their right to the elective share. They will not be entitled to any portion of the estate under the elective share laws. It is important to note that a Kansas Waiver of Right to Election by Spouse must be voluntary and made with full understanding of its consequences. It is advisable for both spouses to consult with an estate planning attorney to ensure this waiver accurately reflects their intentions and aligns with their overall estate plan. When drafting a Kansas Waiver of Right to Election by Spouse, important keywords to include are: Kansas law, elective share, surviving spouse, estate planning, waiver, assets, beneficiary, testator, elective share laws, voluntary, consequences, and estate plan.
