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.
Mississippi Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily relinquish their right to make a claim against the deceased spouse's estate in the state of Mississippi. This waiver is commonly used in estate planning to ensure that the deceased spouse's wishes regarding the distribution of assets are followed without interference. In Mississippi, there are two types of Waiver of Right to Election by Spouse: 1. Specific Bequest Waiver: This type of waiver is used when the deceased spouse wants to leave specific assets or property to someone other than their spouse. By signing this waiver, the surviving spouse agrees not to make any claims against those specific assets mentioned in the will or other estate planning documents. 2. General Waiver: A general waiver, also known as a comprehensive waiver, covers the overall right of election by the surviving spouse. By signing this waiver, the surviving spouse forfeits their right to make any claims against the entire estate, regardless of the specific assets mentioned. It's important to note that a Mississippi Waiver of Right to Election by Spouse must be signed willingly, without any coercion or pressure. Both parties should fully understand the implications of signing this document, as it permanently prevents the surviving spouse from making any claims against the estate. By utilizing the Mississippi Waiver of Right to Election by Spouse, individuals can exercise greater control over the distribution of their assets upon their death, providing clarity and potentially avoiding disputes among family members. Before executing the waiver, it is always advised to consult an experienced estate planning attorney who can provide guidance tailored to one's specific situation and ensure that the document is legally valid.Mississippi Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily relinquish their right to make a claim against the deceased spouse's estate in the state of Mississippi. This waiver is commonly used in estate planning to ensure that the deceased spouse's wishes regarding the distribution of assets are followed without interference. In Mississippi, there are two types of Waiver of Right to Election by Spouse: 1. Specific Bequest Waiver: This type of waiver is used when the deceased spouse wants to leave specific assets or property to someone other than their spouse. By signing this waiver, the surviving spouse agrees not to make any claims against those specific assets mentioned in the will or other estate planning documents. 2. General Waiver: A general waiver, also known as a comprehensive waiver, covers the overall right of election by the surviving spouse. By signing this waiver, the surviving spouse forfeits their right to make any claims against the entire estate, regardless of the specific assets mentioned. It's important to note that a Mississippi Waiver of Right to Election by Spouse must be signed willingly, without any coercion or pressure. Both parties should fully understand the implications of signing this document, as it permanently prevents the surviving spouse from making any claims against the estate. By utilizing the Mississippi Waiver of Right to Election by Spouse, individuals can exercise greater control over the distribution of their assets upon their death, providing clarity and potentially avoiding disputes among family members. Before executing the waiver, it is always advised to consult an experienced estate planning attorney who can provide guidance tailored to one's specific situation and ensure that the document is legally valid.
