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 New Jersey Waiver of Right to Election by Spouse is a legal document that allows individuals to voluntarily give up or waive their right to claim a statutory share of their deceased spouse's estate. This waiver is commonly used in estate planning to ensure that the deceased's assets are distributed according to their wishes, without the spouse having a legal entitlement to a portion of the estate. By signing the New Jersey Waiver of Right to Election by Spouse, individuals acknowledge that they are aware of their right to claim an elective share of their spouse's estate under the New Jersey laws of intestacy or elective share. However, they willingly choose to waive this right and agree not to make any claims or contest any provisions made in their deceased spouse's will or trust. Keywords: New Jersey, waiver of right to election by spouse, statutory share, estate planning, deceased spouse's estate, assets, distribution, legal entitlement, elective share, intestacy laws, contest, will, trust. Types of New Jersey Waiver of Right to Election by Spouse: 1. General Waiver: This type of waiver encompasses a broad release of any rights the spouse may have to claim a statutory share of the deceased spouse's estate. It applies to all assets included in the estate, regardless of their nature or value. 2. Partial Waiver: In certain cases, individuals may choose to waive their right to a portion of the estate while still retaining the right to claim a statutory share of the remaining assets. This type of waiver allows the surviving spouse to specify the specific assets or percentage of the estate they are giving up their rights to. 3. Limited Waiver: A limited waiver restricts the spouse's ability to waive their rights to certain types of assets or specific provisions made in the deceased spouse's estate plan. This type of waiver may be used when there are particular concerns or arrangements that need to be addressed separately from the general waiver. 4. Uniform Elective Share Waiver: This type of waiver is designed to conform to the requirements under the Uniform Probate Code (UPC). The UPC provides guidelines and provisions for determining the elective share amount to which a surviving spouse may be entitled. By signing this waiver, individuals are waiving their right to claim the elective share provided by the UPC. Remember, it is crucial to consult with an estate planning attorney or legal professional familiar with New Jersey laws regarding the Waiver of Right to Election by Spouse to ensure proper execution and understanding of the document's implications.The New Jersey Waiver of Right to Election by Spouse is a legal document that allows individuals to voluntarily give up or waive their right to claim a statutory share of their deceased spouse's estate. This waiver is commonly used in estate planning to ensure that the deceased's assets are distributed according to their wishes, without the spouse having a legal entitlement to a portion of the estate. By signing the New Jersey Waiver of Right to Election by Spouse, individuals acknowledge that they are aware of their right to claim an elective share of their spouse's estate under the New Jersey laws of intestacy or elective share. However, they willingly choose to waive this right and agree not to make any claims or contest any provisions made in their deceased spouse's will or trust. Keywords: New Jersey, waiver of right to election by spouse, statutory share, estate planning, deceased spouse's estate, assets, distribution, legal entitlement, elective share, intestacy laws, contest, will, trust. Types of New Jersey Waiver of Right to Election by Spouse: 1. General Waiver: This type of waiver encompasses a broad release of any rights the spouse may have to claim a statutory share of the deceased spouse's estate. It applies to all assets included in the estate, regardless of their nature or value. 2. Partial Waiver: In certain cases, individuals may choose to waive their right to a portion of the estate while still retaining the right to claim a statutory share of the remaining assets. This type of waiver allows the surviving spouse to specify the specific assets or percentage of the estate they are giving up their rights to. 3. Limited Waiver: A limited waiver restricts the spouse's ability to waive their rights to certain types of assets or specific provisions made in the deceased spouse's estate plan. This type of waiver may be used when there are particular concerns or arrangements that need to be addressed separately from the general waiver. 4. Uniform Elective Share Waiver: This type of waiver is designed to conform to the requirements under the Uniform Probate Code (UPC). The UPC provides guidelines and provisions for determining the elective share amount to which a surviving spouse may be entitled. By signing this waiver, individuals are waiving their right to claim the elective share provided by the UPC. Remember, it is crucial to consult with an estate planning attorney or legal professional familiar with New Jersey laws regarding the Waiver of Right to Election by Spouse to ensure proper execution and understanding of the document's implications.
