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.
A Massachusetts Waiver of Right to Election by Spouse is a legal document that relinquishes the right of a surviving spouse to claim a statutory share of the deceased spouse's estate. This waiver is filed with the probate court to ensure that the deceased spouse's wishes regarding the distribution of their assets are carried out. In Massachusetts, there are two main types of waivers of right to election by spouse: the Partial Waiver and the Total Waiver. 1. Partial Waiver: This type of waiver allows the surviving spouse to retain some rights to the deceased spouse's estate while giving up others. The surviving spouse may choose to waive a percentage or a specific dollar amount of the deceased spouse's estate, allowing for a predetermined distribution of assets. 2. Total Waiver: A total waiver is more comprehensive, completely relinquishing the surviving spouse's right to claim a statutory share of the deceased spouse's estate. By signing this waiver, the surviving spouse agrees to forgo any claim to the estate and agrees to be bound by the terms of the deceased spouse's will or estate plan. When drafting a Massachusetts Waiver of Right to Election by Spouse, it is crucial to include specific information to avoid any confusion or potential legal disputes. The document should include the following: 1. Identification: Clearly state the full names and addresses of both the deceased spouse and the surviving spouse involved in the waiver. 2. Effective Date: Specify the effective date of the waiver, ensuring the document is current and aligned with the appropriate legal requirements. 3. Intent: Clearly state the waiver's intent, emphasizing that the surviving spouse knowingly and willingly waives their right to inherit a statutory share of the deceased spouse's estate. 4. Description of the Waiver: Clearly describe whether it is a Partial or Total Waiver, providing specific details such as the percentage or dollar amount being waived (in the case of a Partial Waiver) or the complete waiver of rights (in the case of a Total Waiver). 5. Signatures: Both the deceased spouse and the surviving spouse must sign the waiver in the presence of witnesses or a notary public, depending on the legal requirements. It is essential to consult with an experienced attorney when preparing a Massachusetts Waiver of Right to Election by Spouse to ensure the document adheres to all relevant laws and regulations. Additionally, both parties should seek independent legal advice to fully understand the implications of signing such a waiver.A Massachusetts Waiver of Right to Election by Spouse is a legal document that relinquishes the right of a surviving spouse to claim a statutory share of the deceased spouse's estate. This waiver is filed with the probate court to ensure that the deceased spouse's wishes regarding the distribution of their assets are carried out. In Massachusetts, there are two main types of waivers of right to election by spouse: the Partial Waiver and the Total Waiver. 1. Partial Waiver: This type of waiver allows the surviving spouse to retain some rights to the deceased spouse's estate while giving up others. The surviving spouse may choose to waive a percentage or a specific dollar amount of the deceased spouse's estate, allowing for a predetermined distribution of assets. 2. Total Waiver: A total waiver is more comprehensive, completely relinquishing the surviving spouse's right to claim a statutory share of the deceased spouse's estate. By signing this waiver, the surviving spouse agrees to forgo any claim to the estate and agrees to be bound by the terms of the deceased spouse's will or estate plan. When drafting a Massachusetts Waiver of Right to Election by Spouse, it is crucial to include specific information to avoid any confusion or potential legal disputes. The document should include the following: 1. Identification: Clearly state the full names and addresses of both the deceased spouse and the surviving spouse involved in the waiver. 2. Effective Date: Specify the effective date of the waiver, ensuring the document is current and aligned with the appropriate legal requirements. 3. Intent: Clearly state the waiver's intent, emphasizing that the surviving spouse knowingly and willingly waives their right to inherit a statutory share of the deceased spouse's estate. 4. Description of the Waiver: Clearly describe whether it is a Partial or Total Waiver, providing specific details such as the percentage or dollar amount being waived (in the case of a Partial Waiver) or the complete waiver of rights (in the case of a Total Waiver). 5. Signatures: Both the deceased spouse and the surviving spouse must sign the waiver in the presence of witnesses or a notary public, depending on the legal requirements. It is essential to consult with an experienced attorney when preparing a Massachusetts Waiver of Right to Election by Spouse to ensure the document adheres to all relevant laws and regulations. Additionally, both parties should seek independent legal advice to fully understand the implications of signing such a waiver.
