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 rationale for granting an election to the surviving spouse is to ensure that the surviving spouse receives at a minimum amount of the decedents wealth which, in many cases, was accrued during the marriage.
Currently, the amount to be reserved for a spouse is determined by the law of the state where the estate is located. In most states, the elective share is between 1/3 and 1/2 of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the elective share if the surviving spouse is independently wealthy.
The New Mexico Notice of Election by Surviving Spouse is a legal document designed to inform the surviving spouse of their rights and options regarding the deceased spouse's estate. It serves as an official notification that the surviving spouse has the opportunity to elect how they wish to receive their share of the estate assets. In New Mexico, there are two main types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Community Property: This notice allows the surviving spouse to choose their portion of the community property assets. Community property generally refers to assets acquired during the course of the marriage. The surviving spouse can elect to take their share outright or in a specific manner as stated in the notice. 2. Notice of Election to Take Against Will: This notice gives the surviving spouse the option to receive a statutory share of the deceased spouse's separate property, which generally includes assets acquired before the marriage, inheritances, or gifts specifically designated as separate property. The surviving spouse can choose to receive their portion as expressly provided in the will or opt for their statutory share, which is determined by New Mexico state law. The New Mexico Notice of Election by Surviving Spouse is an important document that ensures the surviving spouse is aware of their rights and has the opportunity to make informed decisions regarding the distribution of assets. It is crucial for the surviving spouse to carefully review and understand the options available to them before making an election. Keywords: New Mexico, Notice of Election by Surviving Spouse, surviving spouse, estate, assets, community property, separate property, will, statutory share, distribution, legal document, options, election.The New Mexico Notice of Election by Surviving Spouse is a legal document designed to inform the surviving spouse of their rights and options regarding the deceased spouse's estate. It serves as an official notification that the surviving spouse has the opportunity to elect how they wish to receive their share of the estate assets. In New Mexico, there are two main types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Community Property: This notice allows the surviving spouse to choose their portion of the community property assets. Community property generally refers to assets acquired during the course of the marriage. The surviving spouse can elect to take their share outright or in a specific manner as stated in the notice. 2. Notice of Election to Take Against Will: This notice gives the surviving spouse the option to receive a statutory share of the deceased spouse's separate property, which generally includes assets acquired before the marriage, inheritances, or gifts specifically designated as separate property. The surviving spouse can choose to receive their portion as expressly provided in the will or opt for their statutory share, which is determined by New Mexico state law. The New Mexico Notice of Election by Surviving Spouse is an important document that ensures the surviving spouse is aware of their rights and has the opportunity to make informed decisions regarding the distribution of assets. It is crucial for the surviving spouse to carefully review and understand the options available to them before making an election. Keywords: New Mexico, Notice of Election by Surviving Spouse, surviving spouse, estate, assets, community property, separate property, will, statutory share, distribution, legal document, options, election.
