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 York Notice of Election by Surviving Spouse is a legal document that pertains to the estate of a deceased individual in the state of New York. This notice allows a surviving spouse to exercise their right to elect against the provisions made in their spouse's will or intestate estate distribution. It is an important document that ensures the surviving spouse receives their rightful share of the estate. The purpose of filing a New York Notice of Election by Surviving Spouse is to protect the rights and interests of the surviving spouse in cases where they have been omitted or not adequately provided for in their spouse's estate plan. By filing this notice, the surviving spouse can ensure that they receive their elective share, which is based on a specific percentage of the deceased spouse's net estate as per New York law. The New York Notice of Election by Surviving Spouse outlines the necessary information and steps required to initiate the election process. This includes the identification of the deceased spouse, their date of death, and the relevant surrogate court where the notice should be filed. The notice also identifies the surviving spouse, their contact information, and their intention to elect against the distribution set forth in the spouse's will or intestate succession. It is essential to note that there are different types of New York Notice of Election by Surviving Spouse that may apply, depending on the circumstances. Some variations include: 1. Notice of Election by Surviving Spouse in Cases of Intestacy: This notice is filed when the deceased spouse did not leave a valid will, resulting in the distribution of the estate according to New York's laws of intestacy. 2. Notice of Election by Surviving Spouse in Cases of Omitted Spouse: This notice is applicable when the deceased spouse's will does not make any provisions for the surviving spouse or fails to adequately provide for them. 3. Notice of Election by Surviving Spouse for the Elective Share: This type of notice is filed when the surviving spouse wants to elect against the provisions made in the deceased spouse's will and claim their elective share, regardless of their testamentary dispositions. 4. Qualified Disclaimers and Notice of Election by Surviving Spouse: In cases where the surviving spouse wants to disclaim their rights or interest in the estate and elect against the provisions, a specific notice must be filed. It is crucial for the surviving spouse to consult with an attorney or seek legal advice to determine the appropriate New York Notice of Election by Surviving Spouse to file, based on their unique situation and the type of estate distribution involved. Filing this notice within the specified timeframe is crucial, as failure to do so may result in the loss of the surviving spouse's elective share rights.The New York Notice of Election by Surviving Spouse is a legal document that pertains to the estate of a deceased individual in the state of New York. This notice allows a surviving spouse to exercise their right to elect against the provisions made in their spouse's will or intestate estate distribution. It is an important document that ensures the surviving spouse receives their rightful share of the estate. The purpose of filing a New York Notice of Election by Surviving Spouse is to protect the rights and interests of the surviving spouse in cases where they have been omitted or not adequately provided for in their spouse's estate plan. By filing this notice, the surviving spouse can ensure that they receive their elective share, which is based on a specific percentage of the deceased spouse's net estate as per New York law. The New York Notice of Election by Surviving Spouse outlines the necessary information and steps required to initiate the election process. This includes the identification of the deceased spouse, their date of death, and the relevant surrogate court where the notice should be filed. The notice also identifies the surviving spouse, their contact information, and their intention to elect against the distribution set forth in the spouse's will or intestate succession. It is essential to note that there are different types of New York Notice of Election by Surviving Spouse that may apply, depending on the circumstances. Some variations include: 1. Notice of Election by Surviving Spouse in Cases of Intestacy: This notice is filed when the deceased spouse did not leave a valid will, resulting in the distribution of the estate according to New York's laws of intestacy. 2. Notice of Election by Surviving Spouse in Cases of Omitted Spouse: This notice is applicable when the deceased spouse's will does not make any provisions for the surviving spouse or fails to adequately provide for them. 3. Notice of Election by Surviving Spouse for the Elective Share: This type of notice is filed when the surviving spouse wants to elect against the provisions made in the deceased spouse's will and claim their elective share, regardless of their testamentary dispositions. 4. Qualified Disclaimers and Notice of Election by Surviving Spouse: In cases where the surviving spouse wants to disclaim their rights or interest in the estate and elect against the provisions, a specific notice must be filed. It is crucial for the surviving spouse to consult with an attorney or seek legal advice to determine the appropriate New York Notice of Election by Surviving Spouse to file, based on their unique situation and the type of estate distribution involved. Filing this notice within the specified timeframe is crucial, as failure to do so may result in the loss of the surviving spouse's elective share rights.
