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 Oregon Waiver of Right to Election by Spouse Introduction: In Oregon, a Waiver of Right to Election by Spouse is a legal document that allows an individual to voluntarily relinquish their right to claim a portion of their deceased spouse's estate. This waiver is commonly used in estate planning to help distribute an estate according to the deceased's wishes without interference from statutory laws governing spousal inheritance. Let's explore this topic further. Overview of the Oregon Waiver of Right to Election by Spouse: The Oregon Waiver of Right to Election by Spouse is governed by relevant state laws, primarily found in the Oregon Revised Statutes (ORS Chapter 114). This legal document serves as a written agreement between the married couple and invalidates the surviving spouse's right to claim a statutory share of the deceased spouse's estate. Purpose and Benefits: By signing a Waiver of Right to Election by Spouse, individuals can achieve several objectives, including: 1. Preserving the intentions of the deceased: A waiver ensures that the wishes outlined in the deceased spouse's will or estate planning documents are upheld. 2. Avoiding probate disputes: By waiving the right to election, potential conflicts between the surviving spouse and other beneficiaries can be minimized or eliminated. 3. Maintaining privacy: The waiver helps to maintain the confidentiality of the estate plan by avoiding potential public court proceedings associated with a spousal election. 4. Streamlining the distribution process: By waiving the right to election, the distribution process of the estate can be expedited and carried out according to the deceased's wishes. Types of Oregon Waivers of Right to Election: While there are no formal types of waivers under Oregon law, various circumstances may prompt individuals to seek specific provisions within the waiver. Some common scenarios include: 1. Comprehensive waivers: This type of waiver covers the entirety of the deceased spouse's estate. It may be employed when both spouses intend to distribute their assets according to a specific estate plan outside the statutory scheme. 2. Partial waivers: In certain cases, spouses may opt to waive their right to a percentage or a specific asset(s), while retaining their right to claim other portions of the estate. 3. Limitations on election rights: Instead of a complete waiver, this option places certain restrictions or conditions on the surviving spouse's right to elect against the deceased spouse's estate, providing more control over the distribution process. Conclusion: The Oregon Waiver of Right to Election by Spouse is a valuable legal tool in estate planning that enables individuals to ensure their assets are distributed according to their wishes. By specifically outlining the terms of the waiver, Oregon residents can tailor their estate plans to meet their unique circumstances. Consulting with an experienced attorney is advised to draft and execute a waiver in compliance with the applicable state laws.
