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.
Title: Understanding the Oklahoma Waiver of Right to Election by Spouse Keywords: Oklahoma, waiver of right to election by spouse, inheritance laws, estate planning, elective share, surviving spouse, marital property, probate process Introduction: The Oklahoma Waiver of Right to Election by Spouse is an important legal document that allows spouses to waive their right to the elective share of their deceased partner's estate as specified under Oklahoma state inheritance laws. This waiver is typically used in estate planning to ensure the smooth transfer of assets and property after a person's death. In this article, we will delve into the details of the Oklahoma Waiver of Right to Election by Spouse, including its purpose, types, and implications. I. Purpose of the Oklahoma Waiver of Right to Election by Spouse: The primary purpose of this waiver is to allow married individuals to distribute their estate according to their wishes, rather than being bound by Oklahoma's elective share law. By signing the waiver, a spouse voluntarily forfeits their right to claim a predetermined percentage of their partner's assets upon their death. II. Overview of the Elective Share Law: Under Oklahoma law, the surviving spouse is entitled to a portion of the deceased spouse's primary probate estate, commonly referred to as the elective share. The elective share ensures that the surviving spouse receives an adequate share of the marital property regardless of what is stated in the deceased partner's will or trust. III. Types of Oklahoma Waiver of Right to Election by Spouse: 1. Specific Waiver: This type of waiver specifically indicates which property or assets the surviving spouse is waiving the right to receive. It outlines the assets subject to the waiver and is usually used when a couple has agreed on a different distribution of assets through other estate planning measures, such as a prenuptial agreement or a comprehensive estate plan. 2. General Waiver: A general waiver, also known as a blanket waiver, encompasses a broader range of assets. By signing this waiver, the surviving spouse relinquishes their right to the entire elective share of the deceased partner's estate. This type of waiver may be preferred if spouses have jointly planned their estate and have mutually agreed to bypass the elective share. 3. Partial Waiver: A partial waiver provides the surviving spouse the flexibility to waive a specific percentage or amount of their elective share while still retaining the right to claim the remaining portion. This option may be suitable in situations where the spouses wish to strike a balance between ensuring financial security for the surviving spouse and leaving a notable portion of the estate to other beneficiaries or charitable organizations. IV. Implications of the Oklahoma Waiver of Right to Election by Spouse: It is crucial for all parties involved to fully understand the implications of signing a waiver. Once a waiver is executed, the surviving spouse will have no further entitlement to the designated assets or the elective share, as specified in the waived document. It is advisable to consult with an experienced estate planning attorney to assess the potential pros and cons of executing such a waiver. Conclusion: The Oklahoma Waiver of Right to Election by Spouse provides spouses with the flexibility to deviate from the state's elective share laws and customize their estate planning arrangements. By understanding the purpose, types, and implications of this waiver, individuals can make informed decisions to protect their assets, ensure the efficient transfer of property, and address the financial needs of their surviving spouse and other beneficiaries.Title: Understanding the Oklahoma Waiver of Right to Election by Spouse Keywords: Oklahoma, waiver of right to election by spouse, inheritance laws, estate planning, elective share, surviving spouse, marital property, probate process Introduction: The Oklahoma Waiver of Right to Election by Spouse is an important legal document that allows spouses to waive their right to the elective share of their deceased partner's estate as specified under Oklahoma state inheritance laws. This waiver is typically used in estate planning to ensure the smooth transfer of assets and property after a person's death. In this article, we will delve into the details of the Oklahoma Waiver of Right to Election by Spouse, including its purpose, types, and implications. I. Purpose of the Oklahoma Waiver of Right to Election by Spouse: The primary purpose of this waiver is to allow married individuals to distribute their estate according to their wishes, rather than being bound by Oklahoma's elective share law. By signing the waiver, a spouse voluntarily forfeits their right to claim a predetermined percentage of their partner's assets upon their death. II. Overview of the Elective Share Law: Under Oklahoma law, the surviving spouse is entitled to a portion of the deceased spouse's primary probate estate, commonly referred to as the elective share. The elective share ensures that the surviving spouse receives an adequate share of the marital property regardless of what is stated in the deceased partner's will or trust. III. Types of Oklahoma Waiver of Right to Election by Spouse: 1. Specific Waiver: This type of waiver specifically indicates which property or assets the surviving spouse is waiving the right to receive. It outlines the assets subject to the waiver and is usually used when a couple has agreed on a different distribution of assets through other estate planning measures, such as a prenuptial agreement or a comprehensive estate plan. 2. General Waiver: A general waiver, also known as a blanket waiver, encompasses a broader range of assets. By signing this waiver, the surviving spouse relinquishes their right to the entire elective share of the deceased partner's estate. This type of waiver may be preferred if spouses have jointly planned their estate and have mutually agreed to bypass the elective share. 3. Partial Waiver: A partial waiver provides the surviving spouse the flexibility to waive a specific percentage or amount of their elective share while still retaining the right to claim the remaining portion. This option may be suitable in situations where the spouses wish to strike a balance between ensuring financial security for the surviving spouse and leaving a notable portion of the estate to other beneficiaries or charitable organizations. IV. Implications of the Oklahoma Waiver of Right to Election by Spouse: It is crucial for all parties involved to fully understand the implications of signing a waiver. Once a waiver is executed, the surviving spouse will have no further entitlement to the designated assets or the elective share, as specified in the waived document. It is advisable to consult with an experienced estate planning attorney to assess the potential pros and cons of executing such a waiver. Conclusion: The Oklahoma Waiver of Right to Election by Spouse provides spouses with the flexibility to deviate from the state's elective share laws and customize their estate planning arrangements. By understanding the purpose, types, and implications of this waiver, individuals can make informed decisions to protect their assets, ensure the efficient transfer of property, and address the financial needs of their surviving spouse and other beneficiaries.
