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 Nebraska Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim a share of the deceased spouse's estate through the process of elective share. This waiver is commonly used in estate planning to protect the intentions of the deceased and ensure that their assets are distributed according to their wishes. In Nebraska, the Uniform Probate Code (UPC) governs the rules and regulations relating to the distribution of an estate. Under the UPC, a surviving spouse is entitled to claim a certain percentage of the deceased spouse's estate, known as the elective share, even if they were not explicitly included in the deceased spouse's will or trust. However, by signing a Nebraska Waiver of Right to Election by Spouse, the surviving spouse can waive their right to the elective share and agree to be bound by the terms of the deceased spouse's estate plan. There are different types of Nebraska Waiver of Right to Election by Spouse that can be tailored to suit the specific needs of the individuals involved. These include: 1. General Waiver: This type of waiver relinquishes the surviving spouse's right to claim any portion of the deceased spouse's estate through the elective share. It ensures that the surviving spouse cannot challenge the distribution of assets and gives complete control to the deceased spouse's estate plan. 2. Partial Waiver: In certain situations, a surviving spouse may be willing to waive a portion of the elective share but not all. This partial waiver allows them to specify the percentage or value of the estate they are relinquishing their right to while still retaining a claim to the remaining portion. 3. Time-Limited Waiver: Occasionally, a surviving spouse may wish to waive their right to the elective share for a specific period or until certain conditions are met. A time-limited waiver provides flexibility in scenarios where the surviving spouse's circumstances may change in the future. 4. Revocable Waiver: This type of waiver allows the surviving spouse to revoke the waiver at any point in the future. It provides an option to reconsider their decision if circumstances change or if they feel unfairly treated by the deceased spouse's estate plan. It's essential to consult with an experienced estate planning attorney to draft a Nebraska Waiver of Right to Election by Spouse accurately and ensure that it complies with the state's legal requirements. This will help safeguard the estate's distribution in accordance with the deceased spouse's wishes and minimize the potential for disputes among beneficiaries.A Nebraska Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim a share of the deceased spouse's estate through the process of elective share. This waiver is commonly used in estate planning to protect the intentions of the deceased and ensure that their assets are distributed according to their wishes. In Nebraska, the Uniform Probate Code (UPC) governs the rules and regulations relating to the distribution of an estate. Under the UPC, a surviving spouse is entitled to claim a certain percentage of the deceased spouse's estate, known as the elective share, even if they were not explicitly included in the deceased spouse's will or trust. However, by signing a Nebraska Waiver of Right to Election by Spouse, the surviving spouse can waive their right to the elective share and agree to be bound by the terms of the deceased spouse's estate plan. There are different types of Nebraska Waiver of Right to Election by Spouse that can be tailored to suit the specific needs of the individuals involved. These include: 1. General Waiver: This type of waiver relinquishes the surviving spouse's right to claim any portion of the deceased spouse's estate through the elective share. It ensures that the surviving spouse cannot challenge the distribution of assets and gives complete control to the deceased spouse's estate plan. 2. Partial Waiver: In certain situations, a surviving spouse may be willing to waive a portion of the elective share but not all. This partial waiver allows them to specify the percentage or value of the estate they are relinquishing their right to while still retaining a claim to the remaining portion. 3. Time-Limited Waiver: Occasionally, a surviving spouse may wish to waive their right to the elective share for a specific period or until certain conditions are met. A time-limited waiver provides flexibility in scenarios where the surviving spouse's circumstances may change in the future. 4. Revocable Waiver: This type of waiver allows the surviving spouse to revoke the waiver at any point in the future. It provides an option to reconsider their decision if circumstances change or if they feel unfairly treated by the deceased spouse's estate plan. It's essential to consult with an experienced estate planning attorney to draft a Nebraska Waiver of Right to Election by Spouse accurately and ensure that it complies with the state's legal requirements. This will help safeguard the estate's distribution in accordance with the deceased spouse's wishes and minimize the potential for disputes among beneficiaries.
