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.
The North Carolina Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim an elective share of their deceased spouse's estate. This waiver is often used in estate planning to ensure that a deceased spouse's wishes regarding the distribution of their assets are upheld without the interference of the surviving spouse. In North Carolina, there are two main types of waivers related to the right to election by spouse: 1. Outright Waiver: This type of waiver completely relinquishes the surviving spouse's right to claim an elective share of the deceased spouse's estate. By signing this waiver, the surviving spouse acknowledges and accepts that they will not be entitled to a portion of the estate that they would otherwise be eligible for under North Carolina law. This can be particularly useful when the deceased spouse wishes to leave their entire estate to someone other than their spouse, such as children from a previous marriage or a charitable organization. 2. Partial Waiver: An alternative option to an outright waiver is a partial waiver, where the surviving spouse agrees to receive a smaller portion of the estate than they would be entitled to under North Carolina law. This can be a way to compromise between the desires of the deceased spouse and the interests of the surviving spouse. For example, the surviving spouse may agree to accept a specific lump sum or a particular asset from the estate, while relinquishing their claim to other assets or a larger share of the estate. It is important to note that the North Carolina Waiver of Right to Election by Spouse must be executed voluntarily and with full understanding of its implications. Both spouses should consult with legal counsel to ensure they have a clear understanding of their rights and the potential consequences of signing the waiver. Overall, the North Carolina Waiver of Right to Election by Spouse is a legal tool that allows individuals to have greater control over the distribution of their assets upon their death, ensuring that their intentions are carried out and minimizing the potential for disputes or complications among family members.
