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.
Description: The Oregon Notice of Election by Surviving Spouse is a legal document that allows a surviving spouse to exercise their right to elect against the provisions of their deceased spouse's will or trust. This notice must be filed within a specific timeframe after the decedent's death, and it grants the surviving spouse certain rights and options regarding the distribution of the deceased spouse's estate. In Oregon, there are two types of Notice of Election by Surviving Spouse: 1. Oregon Notice of Election by Surviving Spouse for Community Property: This type of notice applies when the decedent and the surviving spouse had community property. Community property refers to assets acquired during the marriage that are jointly owned by both spouses. The surviving spouse can elect against the provisions of the will or trust and claim their rightful share of the community property in this case. 2. Oregon Notice of Election by Surviving Spouse for Separate Property: This notice is applicable when the decedent owned separate property, which includes assets acquired prior to the marriage, inheritances, or gifts specifically designated as separate property. The surviving spouse can elect against the provisions of the will or trust and claim their statutory share of the deceased spouse's separate property. The purpose of filing the Oregon Notice of Election by Surviving Spouse is to ensure that the surviving spouse's rights are protected and that they receive a fair share of the deceased spouse's estate. By electing against the provisions of the will or trust, the surviving spouse can assert their entitlement to a statutory share, which varies depending on the length of the marriage. This notice also helps prevent any potential unfair distribution or omission of the surviving spouse from the estate plan. It's important for the surviving spouse to consult with an attorney experienced in estate planning and probate matters to understand their rights, options, and the specific requirements for filing the Notice of Election by Surviving Spouse in Oregon. Failure to file the notice within the prescribed timeframe may result in the loss of the surviving spouse's statutory share. In summary, the Oregon Notice of Election by Surviving Spouse is a crucial legal document that empowers the surviving spouse to assert their rights and claim a fair share of the deceased spouse's estate, whether it be community property or separate property. Seeking professional guidance is recommended to navigate the complexities of estate laws and ensure the proper filing of this notice.Description: The Oregon Notice of Election by Surviving Spouse is a legal document that allows a surviving spouse to exercise their right to elect against the provisions of their deceased spouse's will or trust. This notice must be filed within a specific timeframe after the decedent's death, and it grants the surviving spouse certain rights and options regarding the distribution of the deceased spouse's estate. In Oregon, there are two types of Notice of Election by Surviving Spouse: 1. Oregon Notice of Election by Surviving Spouse for Community Property: This type of notice applies when the decedent and the surviving spouse had community property. Community property refers to assets acquired during the marriage that are jointly owned by both spouses. The surviving spouse can elect against the provisions of the will or trust and claim their rightful share of the community property in this case. 2. Oregon Notice of Election by Surviving Spouse for Separate Property: This notice is applicable when the decedent owned separate property, which includes assets acquired prior to the marriage, inheritances, or gifts specifically designated as separate property. The surviving spouse can elect against the provisions of the will or trust and claim their statutory share of the deceased spouse's separate property. The purpose of filing the Oregon Notice of Election by Surviving Spouse is to ensure that the surviving spouse's rights are protected and that they receive a fair share of the deceased spouse's estate. By electing against the provisions of the will or trust, the surviving spouse can assert their entitlement to a statutory share, which varies depending on the length of the marriage. This notice also helps prevent any potential unfair distribution or omission of the surviving spouse from the estate plan. It's important for the surviving spouse to consult with an attorney experienced in estate planning and probate matters to understand their rights, options, and the specific requirements for filing the Notice of Election by Surviving Spouse in Oregon. Failure to file the notice within the prescribed timeframe may result in the loss of the surviving spouse's statutory share. In summary, the Oregon Notice of Election by Surviving Spouse is a crucial legal document that empowers the surviving spouse to assert their rights and claim a fair share of the deceased spouse's estate, whether it be community property or separate property. Seeking professional guidance is recommended to navigate the complexities of estate laws and ensure the proper filing of this notice.
