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 Michigan Waiver of Right to Election by Spouse is a legal document that allows a married individual to relinquish their right to claim a certain portion of their deceased spouse's estate. This waiver is commonly used in estate planning to ensure that specific assets or funds pass directly to designated beneficiaries, rather than being subject to the surviving spouse's right to claim a statutory portion of the estate. In Michigan, there are primarily two types of Waiver of Right to Election by Spouse: 1. Partial Waiver: This type of waiver allows the surviving spouse to give up their right to a portion of the deceased spouse's estate, while still retaining certain other rights or benefits. It can be used to outline specific assets or funds that will be excluded from the elective share, ensuring that those assets pass to other intended beneficiaries. 2. Full Waiver: A full waiver, as the name suggests, completely relinquishes the surviving spouse's right to claim any part of the estate. By signing this waiver, the surviving spouse effectively agrees not to assert their statutory right to the elective share or any other claims against the deceased spouse's estate. Michigan's law recognizes the importance of the right to make these waivers, allowing individuals to exercise their freedom of choice in estate planning matters. The Waiver of Right to Election by Spouse must be signed willingly, voluntarily, and with a clear understanding of its implications. By utilizing a Michigan Waiver of Right to Election by Spouse, individuals can ensure the efficient distribution of their assets, protect the interests of other beneficiaries, and provide clarity in the administration of their estates. It is essential to consult with a qualified estate planning attorney to understand the legal requirements and implications of executing such a waiver comprehensively and in adherence to state law.A Michigan Waiver of Right to Election by Spouse is a legal document that allows a married individual to relinquish their right to claim a certain portion of their deceased spouse's estate. This waiver is commonly used in estate planning to ensure that specific assets or funds pass directly to designated beneficiaries, rather than being subject to the surviving spouse's right to claim a statutory portion of the estate. In Michigan, there are primarily two types of Waiver of Right to Election by Spouse: 1. Partial Waiver: This type of waiver allows the surviving spouse to give up their right to a portion of the deceased spouse's estate, while still retaining certain other rights or benefits. It can be used to outline specific assets or funds that will be excluded from the elective share, ensuring that those assets pass to other intended beneficiaries. 2. Full Waiver: A full waiver, as the name suggests, completely relinquishes the surviving spouse's right to claim any part of the estate. By signing this waiver, the surviving spouse effectively agrees not to assert their statutory right to the elective share or any other claims against the deceased spouse's estate. Michigan's law recognizes the importance of the right to make these waivers, allowing individuals to exercise their freedom of choice in estate planning matters. The Waiver of Right to Election by Spouse must be signed willingly, voluntarily, and with a clear understanding of its implications. By utilizing a Michigan Waiver of Right to Election by Spouse, individuals can ensure the efficient distribution of their assets, protect the interests of other beneficiaries, and provide clarity in the administration of their estates. It is essential to consult with a qualified estate planning attorney to understand the legal requirements and implications of executing such a waiver comprehensively and in adherence to state law.
