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.
The Utah Waiver of Right to Election by Spouse is a legal document that eliminates the rights of a surviving spouse to claim a certain portion of the deceased spouse's estate. This waiver is an important tool for estate planning and can prevent potential conflicts or complications in the distribution of assets. In Utah, there are two main types of Waiver of Right to Election by Spouse: 1. General Waiver: This type of waiver encompasses a broad range of rights that a surviving spouse may have under Utah law. By signing a general waiver, the surviving spouse relinquishes their right to claim a statutory share of the deceased spouse's estate, as well as any right to homestead, exempt property, or family allowance. This waiver is commonly used when both spouses have already made adequate provisions for each other through other estate planning tools such as wills, trusts, or joint ownership of assets. 2. Limited Waiver: Unlike the general waiver, the limited waiver allows the surviving spouse to retain certain rights while waiving others. For example, the surviving spouse may choose to waive their right to a statutory share of the estate but retain the right to homestead or certain exempt property. This type of waiver is often utilized when the deceased spouse has made specific provisions for the surviving spouse, such as through a trust or life insurance policy, but additional assets are not specifically allocated. The Utah Waiver of Right to Election by Spouse must be voluntarily and knowingly signed by the surviving spouse. It is crucial for both spouses to seek legal counsel to understand the implications and consequences of signing such a document. Consulting an attorney with experience in estate planning and probate law can provide guidance on the appropriate type of waiver based on individual circumstances. By executing a Utah Waiver of Right to Election by Spouse, individuals can ensure that their assets are distributed according to their wishes and minimize the chances of legal disputes arising after their passing. It is important to revisit estate plans periodically to ensure they align with changing circumstances, as well as to comply with any updates in Utah laws concerning spousal rights and waivers.
