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.
New Hampshire Waiver of Right to Election by Spouse: A Comprehensive Explanation In the state of New Hampshire, a Waiver of Right to Election by Spouse refers to a legal document that allows individuals to voluntarily give up their right to a statutory share of their deceased spouse's estate. This waiver is an essential tool in estate planning as it provides individuals with the flexibility to control the distribution of their assets upon their spouse's passing. The New Hampshire Statutes establish the right of a surviving spouse to an "elective share" of their deceased spouse's estate. This elective share is a specific portion of the estate determined by law, regardless of any provisions made by the deceased in their will or trust. However, a Waiver of Right to Election by Spouse enables individuals to waive their entitlement to the statutory share, ensuring that the deceased's wishes are honored and the assets are distributed according to their specific estate plan. It allows for greater control over the distribution of assets, ensuring that the intended beneficiaries, such as children from previous marriages or charitable organizations, receive their intended bequests. Different Types of New Hampshire Waiver of Right to Election by Spouse: 1. Predate Waiver: This type of waiver is executed by a spouse before their death, usually during the estate planning process. By signing this waiver, the spouse voluntarily relinquishes their right to claim an elective share of their partner's estate. It is an effective way to preserve the integrity of the estate plan and mitigate potential conflicts among beneficiaries. 2. Post-Death Waiver: If a surviving spouse has unintentionally omitted themselves from a previous estate plan or desires to waive their right after the death of their partner, a post-death waiver can be pursued. The waiver must be filed with the appropriate New Hampshire probate court and typically requires legal counsel to ensure compliance with state laws and regulations. 3. Modified Waiver: In some cases, individuals may choose to modify their waiver by designating a specific percentage or portion of the elective share to be received. This modified waiver allows for more flexibility in estate planning, ensuring that the surviving spouse receives a predetermined amount while still honoring the decedent's wishes. 4. Joint Waiver: A joint waiver involves both spouses voluntarily waiving their respective rights to an elective share. This waiver is typically used when both parties wish to establish a mutually agreed-upon estate plan, avoiding the complications that may arise from conflicting claims or potential disputes. It is important to note that executing a Waiver of Right to Election by Spouse is a legally binding decision. Before proceeding, it is advisable to consult with an experienced estate planning attorney to ensure the waiver is properly drafted, executed, and complies with all applicable New Hampshire laws. Overall, a New Hampshire Waiver of Right to Election by Spouse is a vital aspect of comprehensive estate planning. It empowers individuals to control the distribution of their assets, protect the interests of alternate beneficiaries, and maintain the integrity of their intended estate plan.New Hampshire Waiver of Right to Election by Spouse: A Comprehensive Explanation In the state of New Hampshire, a Waiver of Right to Election by Spouse refers to a legal document that allows individuals to voluntarily give up their right to a statutory share of their deceased spouse's estate. This waiver is an essential tool in estate planning as it provides individuals with the flexibility to control the distribution of their assets upon their spouse's passing. The New Hampshire Statutes establish the right of a surviving spouse to an "elective share" of their deceased spouse's estate. This elective share is a specific portion of the estate determined by law, regardless of any provisions made by the deceased in their will or trust. However, a Waiver of Right to Election by Spouse enables individuals to waive their entitlement to the statutory share, ensuring that the deceased's wishes are honored and the assets are distributed according to their specific estate plan. It allows for greater control over the distribution of assets, ensuring that the intended beneficiaries, such as children from previous marriages or charitable organizations, receive their intended bequests. Different Types of New Hampshire Waiver of Right to Election by Spouse: 1. Predate Waiver: This type of waiver is executed by a spouse before their death, usually during the estate planning process. By signing this waiver, the spouse voluntarily relinquishes their right to claim an elective share of their partner's estate. It is an effective way to preserve the integrity of the estate plan and mitigate potential conflicts among beneficiaries. 2. Post-Death Waiver: If a surviving spouse has unintentionally omitted themselves from a previous estate plan or desires to waive their right after the death of their partner, a post-death waiver can be pursued. The waiver must be filed with the appropriate New Hampshire probate court and typically requires legal counsel to ensure compliance with state laws and regulations. 3. Modified Waiver: In some cases, individuals may choose to modify their waiver by designating a specific percentage or portion of the elective share to be received. This modified waiver allows for more flexibility in estate planning, ensuring that the surviving spouse receives a predetermined amount while still honoring the decedent's wishes. 4. Joint Waiver: A joint waiver involves both spouses voluntarily waiving their respective rights to an elective share. This waiver is typically used when both parties wish to establish a mutually agreed-upon estate plan, avoiding the complications that may arise from conflicting claims or potential disputes. It is important to note that executing a Waiver of Right to Election by Spouse is a legally binding decision. Before proceeding, it is advisable to consult with an experienced estate planning attorney to ensure the waiver is properly drafted, executed, and complies with all applicable New Hampshire laws. Overall, a New Hampshire Waiver of Right to Election by Spouse is a vital aspect of comprehensive estate planning. It empowers individuals to control the distribution of their assets, protect the interests of alternate beneficiaries, and maintain the integrity of their intended estate plan.
