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 Kentucky Waiver of Right to Election by Spouse is a legal document that allows a married individual in the state of Kentucky to waive their right to claim a portion of their deceased spouse's estate. This waiver is usually included in a prenuptial or postnuptial agreement and serves as a way to protect the assets and property that each spouse brings into the marriage. When a person passes away without leaving a valid will, Kentucky law recognizes the right of a surviving spouse to receive a certain portion of the deceased spouse's estate. This is known as the "right of election" and is designed to prevent a spouse from being completely disinherited. However, with the Kentucky Waiver of Right to Election by Spouse, individuals can choose to relinquish their entitlement to this share of the estate. By signing this waiver, spouses are agreeing to give up their right to make a claim against the deceased spouse's estate. It is important to note that this waiver only applies if the deceased spouse did not leave a will or if the will explicitly disinherits the surviving spouse. Different types of Kentucky Waiver of Right to Election by Spouse may include: 1. Premarital Waiver: This type of waiver is executed before the marriage takes place. Couples who have substantial assets or those who want to ensure that their property remains separate in the event of a divorce or death may opt for a premarital waiver. 2. Post-Marital Waiver: Unlike the premarital waiver, the post-marital waiver is executed after the marriage has taken place. Sometimes couples decide to establish a post-marital agreement if they did not create a prenuptial agreement before getting married or if their circumstances change during the marriage, and they wish to modify their rights to each other's estate. 3. Comprehensive Waiver: A comprehensive waiver covers all aspects of a spouse's right to election, not just the estate. It may include provisions that restrict a spouse from claiming a share of retirement benefits, life insurance policies, or other financial assets. The Kentucky Waiver of Right to Election by Spouse is an important legal tool that can help protect the wishes and assets of both spouses. It is always advisable to consult with an attorney specializing in family law or estate planning to ensure that the waiver is prepared correctly and meets all legal requirements to hold up in court.The Kentucky Waiver of Right to Election by Spouse is a legal document that allows a married individual in the state of Kentucky to waive their right to claim a portion of their deceased spouse's estate. This waiver is usually included in a prenuptial or postnuptial agreement and serves as a way to protect the assets and property that each spouse brings into the marriage. When a person passes away without leaving a valid will, Kentucky law recognizes the right of a surviving spouse to receive a certain portion of the deceased spouse's estate. This is known as the "right of election" and is designed to prevent a spouse from being completely disinherited. However, with the Kentucky Waiver of Right to Election by Spouse, individuals can choose to relinquish their entitlement to this share of the estate. By signing this waiver, spouses are agreeing to give up their right to make a claim against the deceased spouse's estate. It is important to note that this waiver only applies if the deceased spouse did not leave a will or if the will explicitly disinherits the surviving spouse. Different types of Kentucky Waiver of Right to Election by Spouse may include: 1. Premarital Waiver: This type of waiver is executed before the marriage takes place. Couples who have substantial assets or those who want to ensure that their property remains separate in the event of a divorce or death may opt for a premarital waiver. 2. Post-Marital Waiver: Unlike the premarital waiver, the post-marital waiver is executed after the marriage has taken place. Sometimes couples decide to establish a post-marital agreement if they did not create a prenuptial agreement before getting married or if their circumstances change during the marriage, and they wish to modify their rights to each other's estate. 3. Comprehensive Waiver: A comprehensive waiver covers all aspects of a spouse's right to election, not just the estate. It may include provisions that restrict a spouse from claiming a share of retirement benefits, life insurance policies, or other financial assets. The Kentucky Waiver of Right to Election by Spouse is an important legal tool that can help protect the wishes and assets of both spouses. It is always advisable to consult with an attorney specializing in family law or estate planning to ensure that the waiver is prepared correctly and meets all legal requirements to hold up in court.
