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: Pennsylvania Waiver of Right to Election by Spouse: A Comprehensive Guide Introduction: Pennsylvania law recognizes the need for individuals to have control over their estate distribution, including the ability to disinherit their spouse. One powerful tool in estate planning known as the "Pennsylvania Waiver of Right to Election by Spouse" allows individuals to legally waive their spouse's right to claim an elective share of their estate. This description will delve into the different types of waivers and provide an in-depth understanding of this significant legal document. Keywords: Pennsylvania Waiver of Right to Election by Spouse, estate planning, elective share, disinherit, legal document. I. Understanding the Pennsylvania Waiver of Right to Election by Spouse: 1. Definition and Purpose: The Pennsylvania Waiver of Right to Election by Spouse is a legally binding document that enables individuals to voluntarily relinquish their spouse's right to claim a predetermined portion of their estate upon death. It provides greater control over the distribution of assets and allows for more efficient inheritance planning. 2. Elective Share Explained: Pennsylvania law grants a surviving spouse an elective share, typically one-third of the decedent's estate. However, through this waiver, the spouse can waive their right to claim this elective share, ensuring the estate goes according to the individual's wishes. II. Types of Pennsylvania Waiver of Right to Election by Spouse: 1. Express Waiver: An individual can execute an express waiver to clearly and explicitly state their intention to waive their spouse's right to elect against their estate. This type of waiver requires the spouse's informed consent and must be signed with specific formalities to be legally valid. 2. Nuptial Agreement Waiver: Spouses may also include a Waiver of Right to Election clause within a prenuptial or postnuptial agreement. These agreements allow couples to negotiate their financial rights, including the ability to waive the elective share. Such waivers should be fair and reasonable to avoid potential challenges. III. Requirements and Considerations: 1. Voluntary and Informed Consent: To create a valid waiver, both parties involved must enter into the agreement willingly, fully understanding its consequences. It is crucial to ensure that spouses receive independent legal counsel to comprehend the rights they are waiving before signing any waiver documents. 2. Effectiveness and Revocability: Pennsylvania requires waivers to be executed in writing and in compliance with specific formalities to be effective. However, it's essential to note that waivers can typically be revoked through written notification, provided both spouses agree to the revocation. IV. Conclusion: The Pennsylvania Waiver of Right to Election by Spouse is a critical tool for individuals seeking control and certainty over their estate distribution. By lawfully waiving their spouse's right to claim an elective share, individuals can safeguard their intentions and minimize potential conflicts upon their death. It is advisable to consult an experienced estate planning attorney to draft and execute an appropriate waiver that aligns with your specific circumstances. Keywords: Pennsylvania Waiver, elective share, disinherit, estate planning, revocable waiver, express waiver, nuptial agreement waiver, voluntary consent.
