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.
Tennessee Waiver of Right to Election by Spouse is a legal document that allows a married individual in Tennessee to voluntarily waive their right to claim an elective share of their spouse's estate upon death. This waiver is commonly used when the spouses want to create a specific estate plan that differs from the state's default laws governing the distribution of assets. The primary purpose of the Tennessee Waiver of Right to Election by Spouse is to protect the wishes of the individual creating the waiver, known as the testator, regarding the distribution of their estate. By signing this document, the testator acknowledges and agrees that they do not wish to exercise their legal right to claim a specific portion of their spouse's estate as allowed under Tennessee law. It is crucial to note that this waiver is effective only if the testator survives their spouse. In case the testator passes away first, the waiver becomes null and void, and the surviving spouse will retain their full legal rights to claim their elective share as provided by Tennessee law. There are different types of Tennessee Waiver of Right to Election by Spouse that individuals may consider based on their unique circumstances: 1. Absolute Waiver: With this type of waiver, the testator entirely relinquishes their right to claim any portion of their spouse's estate upon their death. It ensures that the estate passes to the beneficiaries chosen by the testator without any statutory limitations. 2. Limited Waiver: In a limited waiver, the testator may choose to waive their right to claim a specific portion or percentage of their spouse's estate while retaining the right to claim the remaining assets according to Tennessee law. 3. Conditional Waiver: This type of waiver is dependent upon certain conditions specified by the testator. For instance, the surviving spouse may waive their right to the elective share if they have sufficient assets or income from other sources. It is important to consult with an experienced attorney when creating a Tennessee Waiver of Right to Election by Spouse to ensure that all legal requirements are met and the document accurately reflects the testator's intentions. Each waiver should be tailored to the individual's specific circumstances and reviewed periodically to ensure its continued relevance.Tennessee Waiver of Right to Election by Spouse is a legal document that allows a married individual in Tennessee to voluntarily waive their right to claim an elective share of their spouse's estate upon death. This waiver is commonly used when the spouses want to create a specific estate plan that differs from the state's default laws governing the distribution of assets. The primary purpose of the Tennessee Waiver of Right to Election by Spouse is to protect the wishes of the individual creating the waiver, known as the testator, regarding the distribution of their estate. By signing this document, the testator acknowledges and agrees that they do not wish to exercise their legal right to claim a specific portion of their spouse's estate as allowed under Tennessee law. It is crucial to note that this waiver is effective only if the testator survives their spouse. In case the testator passes away first, the waiver becomes null and void, and the surviving spouse will retain their full legal rights to claim their elective share as provided by Tennessee law. There are different types of Tennessee Waiver of Right to Election by Spouse that individuals may consider based on their unique circumstances: 1. Absolute Waiver: With this type of waiver, the testator entirely relinquishes their right to claim any portion of their spouse's estate upon their death. It ensures that the estate passes to the beneficiaries chosen by the testator without any statutory limitations. 2. Limited Waiver: In a limited waiver, the testator may choose to waive their right to claim a specific portion or percentage of their spouse's estate while retaining the right to claim the remaining assets according to Tennessee law. 3. Conditional Waiver: This type of waiver is dependent upon certain conditions specified by the testator. For instance, the surviving spouse may waive their right to the elective share if they have sufficient assets or income from other sources. It is important to consult with an experienced attorney when creating a Tennessee Waiver of Right to Election by Spouse to ensure that all legal requirements are met and the document accurately reflects the testator's intentions. Each waiver should be tailored to the individual's specific circumstances and reviewed periodically to ensure its continued relevance.
