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.
Keywords: Tennessee, Notice of Election by Surviving Spouse, types Title: Understanding the Tennessee Notice of Election by Surviving Spouse: Types and Detailed Description Introduction: When dealing with estate proceedings in Tennessee, understanding the legalities surrounding the rights of a surviving spouse is crucial. One important document in this context is the Tennessee Notice of Election by Surviving Spouse. This article will provide a detailed description of what this notice entails, its purpose, and its significance. Additionally, we will explore different types of Tennessee Notice of Election by Surviving Spouse that may exist within the state's legal framework. What is the Tennessee Notice of Election by Surviving Spouse? The Tennessee Notice of Election by Surviving Spouse is a legal document that allows a surviving spouse to make an informed decision regarding their rights to an estate after the death of their spouse. It serves as a declaration by the surviving spouse to either accept the will's provisions or opt for their statutory rights, as outlined by Tennessee laws. Purpose: The primary purpose of the Tennessee Notice of Election by Surviving Spouse is to provide the surviving spouse with an opportunity to evaluate the distribution of the deceased spouse's estate. By exercising their rights under this notice, the surviving spouse can choose either to adhere to the terms defined in the will or to elect their statutorily protected share of the estate. Detailed Description: Once the Notice of Election by Surviving Spouse is filed, it initiates a process that necessitates careful consideration by the surviving spouse. It typically includes specific information such as the name of the decedent, details of the estate, and a clear declaration of the surviving spouse's intent. The document should be submitted to the appropriate court within a specified timeframe after the death. Types of Tennessee Notice of Election by Surviving Spouse: 1. Will Acceptance Notice: This type of notice is filed by a surviving spouse when they choose to accept the terms provided in the deceased spouse's will entirely. By accepting the will, they effectively waive their interest in any other statutory rights to the estate. 2. Elective Share Notice: This type of notice is filed when the surviving spouse intends to elect against the provisions outlined in the will and claim their statutorily protected share under Tennessee law. This enables them to receive a percentage of the deceased spouse's estate, regardless of what the will specifies. Conclusion: Understanding the Tennessee Notice of Election by Surviving Spouse is crucial for both surviving spouses and legal professionals involved in estate matters in Tennessee. This notice grants surviving spouses the necessary framework within which they can make informed decisions regarding their rights to an estate. Whether choosing the will acceptance route or opting for an elective share, the Tennessee Notice of Election by Surviving Spouse ensures the protection of the surviving spouse's interests in estate distributions.
