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.
Maine Waiver of Right to Election by Spouse is a legal document that allows a married individual to voluntarily relinquish their right to claim a portion of their spouse's estate after their death. This waiver is commonly used in estate planning to ensure that assets are distributed according to the deceased individual's wishes, without any interference from a surviving spouse. This waiver is based on Maine's Uniform Probate Code, which provides individuals with the option to waive their right to a statutory share of their spouse's estate. By signing this waiver, a spouse agrees not to make a claim for an elective share, also known as an elective portion or forced warship, upon the death of their partner. Maine offers different types of waivers of right to election, depending on the specific circumstances and preferences of the individuals involved: 1. Partial Waiver of Right to Election: This type of waiver allows a spouse to renounce a portion of their statutory share, while still maintaining a claim to a certain percentage or specific assets of the deceased spouse's estate. 2. Full Waiver of Right to Election: With a full waiver, a spouse completely gives up their right to claim any part of the deceased spouse's estate. This means that they will not be entitled to any portion of the estate, regardless of the size or value. 3. Conditional Waiver of Right to Election: In certain cases, spouses may agree to a conditional waiver, which is enforced only if certain conditions, such as a prenuptial agreement, are met. This type of waiver ensures that the surviving spouse receives their rightful share only if specific criteria are fulfilled, as agreed upon by both parties. It is crucial to consult with an attorney experienced in estate planning and probate laws to ensure the document accurately reflects the individual's wishes and meets all legal requirements.Maine Waiver of Right to Election by Spouse is a legal document that allows a married individual to voluntarily relinquish their right to claim a portion of their spouse's estate after their death. This waiver is commonly used in estate planning to ensure that assets are distributed according to the deceased individual's wishes, without any interference from a surviving spouse. This waiver is based on Maine's Uniform Probate Code, which provides individuals with the option to waive their right to a statutory share of their spouse's estate. By signing this waiver, a spouse agrees not to make a claim for an elective share, also known as an elective portion or forced warship, upon the death of their partner. Maine offers different types of waivers of right to election, depending on the specific circumstances and preferences of the individuals involved: 1. Partial Waiver of Right to Election: This type of waiver allows a spouse to renounce a portion of their statutory share, while still maintaining a claim to a certain percentage or specific assets of the deceased spouse's estate. 2. Full Waiver of Right to Election: With a full waiver, a spouse completely gives up their right to claim any part of the deceased spouse's estate. This means that they will not be entitled to any portion of the estate, regardless of the size or value. 3. Conditional Waiver of Right to Election: In certain cases, spouses may agree to a conditional waiver, which is enforced only if certain conditions, such as a prenuptial agreement, are met. This type of waiver ensures that the surviving spouse receives their rightful share only if specific criteria are fulfilled, as agreed upon by both parties. It is crucial to consult with an attorney experienced in estate planning and probate laws to ensure the document accurately reflects the individual's wishes and meets all legal requirements.
