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 New York Waiver of Right to Election by Spouse is a legal document that can be used in estate planning to forfeit the rights of a surviving spouse to claim a larger portion of the deceased spouse's estate. This waiver essentially prohibits the surviving spouse from making a claim against the deceased spouse's estate under New York inheritance laws. In New York, there are two primary types of waivers of right to election by a spouse: 1. Premarital or Prenuptial Agreement: This type of waiver is executed before the marriage takes place. It is a legally binding contract between the future spouses that outlines their mutual agreement to waive their rights to certain assets or benefits upon divorce or death, including the right to claim an elective share of the estate. 2. Post-Marital or Post-Nuptial Agreement: This type of waiver is executed after the marriage has taken place. It can be used by married couples to modify or waive inheritance rights and determine how assets will be distributed upon death. Both spouses must agree to the terms and conditions specified in the post-nuptial agreement. Keywords: — New York Waiver of Right to Election by Spouse — Estate planninbeforeor— - Surviving spouse rights in New York — Inheritance lawbeforeor— - Elective share in New York Premaritalital Agreement before— - Pre-Nuptial Agreement in New York — Post-Marital Agreemenbeforeor— - Post-Nuptial Agreement in New York — Estate distributiobeforeor— - Forfeiting spousal rights in New York — Waiving inheritance rights in New York Note: It is important to consult with a qualified attorney to draft a New York Waiver of Right to Election by Spouse that complies with the state's legal requirements and provides the desired protection or outcomes for all parties involved.
