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.
Puerto Rico Waiver of Right to Election by Spouse is a legal document that allows a married individual in Puerto Rico to voluntarily renounce their right to inherit a portion of their spouse's estate upon their death. This waiver is often used as a strategic estate planning tool to ensure a smooth transfer of assets and avoid potential complications that may arise from Puerto Rico's forced warship laws. One type of Puerto Rico Waiver of Right to Election by Spouse is the Inter vivos Waiver, which is executed during the lifetime of both spouses. This type of waiver allows the individual relinquishing their right to inheritance to do so with full knowledge and understanding, ensuring their desires are legally documented and enforced. Another type of waiver is the Testamentary Waiver, which is included in a Last Will and Testament. This type of waiver becomes effective upon the death of the individual who made the will. It provides a clear expression of the testator's intention to exclude the surviving spouse from their inheritance and prevents any potential claims or disputes from arising. When drafting a Puerto Rico Waiver of Right to Election by Spouse, it is crucial to include certain key elements. Firstly, the document should clearly state the individual's intention to renounce their right to inherit from their spouse's estate. It should also specify the reasoning behind this decision, whether it is the desire to pass assets to other beneficiaries, to preserve family businesses, or for other personal considerations. Additionally, the document needs to identify both parties involved, providing their full legal names, addresses, and the date of marriage. It is essential to include language that acknowledges both spouses have fully understood the implications of the waiver, and that it was executed willingly and without undue influence. The Puerto Rico Waiver of Right to Election by Spouse should be notarized and signed by both parties in the presence of witnesses. It is advisable to seek the assistance of an experienced attorney who specializes in Puerto Rico estate planning to ensure the waiver complies with all relevant legal requirements and is binding in a court of law. In summary, a Puerto Rico Waiver of Right to Election by Spouse is a crucial legal tool that provides married individuals with the opportunity to voluntarily abandon their right to inherit from their spouse's estate. Whether through an Inter vivos or Testamentary Waiver, this document enables individuals to proactively plan their asset distribution, ensuring the preservation of their chosen succession plan.
