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 rationale for granting an election to the surviving spouse is to ensure that the surviving spouse receives at a minimum amount of the decedents wealth which, in many cases, was accrued during the marriage.
Currently, the amount to be reserved for a spouse is determined by the law of the state where the estate is located. In most states, the elective share is between 1/3 and 1/2 of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the elective share if the surviving spouse is independently wealthy.
Title: Missouri Notice of Election by Surviving Spouse: A Comprehensive Overview Introduction: The Missouri Notice of Election by Surviving Spouse is an important legal document that plays a crucial role in estate administration and inheritance matters. This notice grants surviving spouses certain rights and options when it comes to the distribution of their deceased spouse's estate. This article aims to provide a detailed description of the Missouri Notice of Election by Surviving Spouse, its purpose, and the various types that exist under Missouri law. Key Points to Understand: 1. Purpose of the Missouri Notice of Election by Surviving Spouse: The primary objective of this notice is to afford a surviving spouse the opportunity to choose between different options for estate distribution. It allows them to elect their statutory rights in place of any provisions made in the deceased spouse's will or trust, ensuring they receive appropriate support and protection. 2. Applicability: The Missouri Notice of Election by Surviving Spouse is applicable in cases where the decedent, at the time of death, was domiciled in Missouri or held real property located in the state. Types of Missouri Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under Will or Intestate Laws: This type of notice gives the surviving spouse the option to take under the will of the deceased spouse or choose to be governed by the laws of intestate succession. Under intestacy laws, the spouse would receive a predetermined share of the estate, regardless of the will's provisions. 2. Notice of Election to Take Statutory Share: This type of notice enables the surviving spouse to elect a statutory share of the deceased spouse's estate, known as a "forced share" or "elective share." The elective share ensures that the surviving spouse receives a fair portion, regardless of what the deceased spouse's will may have stated. The portion may vary depending on the length of the marriage. 3. Notice of Election to Take Exempt Property: This type of notice allows the surviving spouse to claim exempt property, which includes certain personal and household items, limited in value, that are protected from being used to satisfy creditor claims or other obligations of the estate. 4. Notice of Election to Take Against Life Interest: In cases where the deceased spouse's estate plan created a life interest or "lifetime use" entitlement for the surviving spouse, this notice allows them to elect to take against the life interest. This means that the surviving spouse can choose to claim their calculated statutory share instead of being limited to only the lifetime use of certain assets. Conclusion: The Missouri Notice of Election by Surviving Spouse is a vital legal tool designed to protect the rights of surviving spouses in the distribution of their deceased spouse's estate. By providing distinct options, such as taking under the will, selecting a statutory share, claiming exempt property, or taking against a life interest, this notice ensures that surviving spouses are afforded fair and just considerations in the estate administration process. Having a clear understanding of the different types of Missouri Notice of Election by Surviving Spouse is crucial when navigating estate planning or probate matters in the state of Missouri.Title: Missouri Notice of Election by Surviving Spouse: A Comprehensive Overview Introduction: The Missouri Notice of Election by Surviving Spouse is an important legal document that plays a crucial role in estate administration and inheritance matters. This notice grants surviving spouses certain rights and options when it comes to the distribution of their deceased spouse's estate. This article aims to provide a detailed description of the Missouri Notice of Election by Surviving Spouse, its purpose, and the various types that exist under Missouri law. Key Points to Understand: 1. Purpose of the Missouri Notice of Election by Surviving Spouse: The primary objective of this notice is to afford a surviving spouse the opportunity to choose between different options for estate distribution. It allows them to elect their statutory rights in place of any provisions made in the deceased spouse's will or trust, ensuring they receive appropriate support and protection. 2. Applicability: The Missouri Notice of Election by Surviving Spouse is applicable in cases where the decedent, at the time of death, was domiciled in Missouri or held real property located in the state. Types of Missouri Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under Will or Intestate Laws: This type of notice gives the surviving spouse the option to take under the will of the deceased spouse or choose to be governed by the laws of intestate succession. Under intestacy laws, the spouse would receive a predetermined share of the estate, regardless of the will's provisions. 2. Notice of Election to Take Statutory Share: This type of notice enables the surviving spouse to elect a statutory share of the deceased spouse's estate, known as a "forced share" or "elective share." The elective share ensures that the surviving spouse receives a fair portion, regardless of what the deceased spouse's will may have stated. The portion may vary depending on the length of the marriage. 3. Notice of Election to Take Exempt Property: This type of notice allows the surviving spouse to claim exempt property, which includes certain personal and household items, limited in value, that are protected from being used to satisfy creditor claims or other obligations of the estate. 4. Notice of Election to Take Against Life Interest: In cases where the deceased spouse's estate plan created a life interest or "lifetime use" entitlement for the surviving spouse, this notice allows them to elect to take against the life interest. This means that the surviving spouse can choose to claim their calculated statutory share instead of being limited to only the lifetime use of certain assets. Conclusion: The Missouri Notice of Election by Surviving Spouse is a vital legal tool designed to protect the rights of surviving spouses in the distribution of their deceased spouse's estate. By providing distinct options, such as taking under the will, selecting a statutory share, claiming exempt property, or taking against a life interest, this notice ensures that surviving spouses are afforded fair and just considerations in the estate administration process. Having a clear understanding of the different types of Missouri Notice of Election by Surviving Spouse is crucial when navigating estate planning or probate matters in the state of Missouri.
