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.
Title: Virginia Notice of Election by Surviving Spouse: A Comprehensive Guide Introduction: In the state of Virginia, when a deceased spouse passes away, the surviving spouse may have certain rights and options regarding the deceased spouse's estate. One of these options is the Notice of Election by Surviving Spouse, which allows the surviving spouse to elect their statutory share of the estate as predetermined by state law. This article serves as a detailed description exploring this legal process, covering key aspects and types of Notice of Election by Surviving Spouse. Keywords: Virginia, Notice of Election by Surviving Spouse, estate, surviving spouse, statutory share, legal process 1. Understanding the Virginia Notice of Election by Surviving Spouse: The Notice of Election by Surviving Spouse refers to a legal document that enables the surviving spouse to claim their statutory share of the deceased spouse's estate, despite the provisions outlined in the decedent's will. 2. Eligibility and Conditions to File a Notice of Election: To avail oneself of the Notice of Election by Surviving Spouse, certain criteria must be met. The surviving spouse must be legally married to the deceased at the time of their death, and the decedent must have left a valid will governing the distribution of their estate. Additionally, a Notice of Election must be filed within the statutory time frame, typically six months from the date of the decedent's death. 3. Statutory Share and Determination: The statutory share, also known as the elective share, is a predetermined portion of the deceased spouse's estate that the surviving spouse may claim under Virginia law. The exact percentage may vary depending on the length of the marriage and whether the decedent had any children from previous relationships. 4. Types of Virginia Notice of Election by Surviving Spouse: a) Basic Notice of Election: This refers to the standard type of Notice of Election filed by a surviving spouse, seeking to claim their statutory share as outlined by Virginia law. b) Notice of Election by Surviving Spouse with Accounting: In cases where the deceased spouse's estate requires an accounting, this type of Notice of Election may be filed to ensure transparency and accurate determination of the statutory share. 5. Consequences and Implications of Filing a Notice of Election: Once the Notice of Election is filed, the surviving spouse may be entitled to a share of the deceased spouse's estate. However, it is essential to note that this may lead to possible disinheriting of beneficiaries named in the decedent's will. Consequently, filing a Notice of Election may initiate legal complexities and potential disputes within the estate administration. 6. Consulting with an Estate Attorney: Given the legal intricacies and potential consequences involved in filing a Notice of Election by Surviving Spouse, it is wise to consult an experienced estate attorney specializing in Virginia law. They can provide guidance, review the circumstances, and help navigate through the process, ensuring that the surviving spouse's rights and interests are duly protected. Conclusion: The Virginia Notice of Election by Surviving Spouse is a legal mechanism that grants the surviving spouse an opportunity to claim their statutory share of the deceased spouse's estate. Understanding the eligibility criteria, types of Notice of Election, and potential implications is crucial to make informed decisions within the complex realm of estate administration. Seeking professional legal advice is advisable to ensure the surviving spouse's rights are upheld while navigating these legal processes in Virginia. Keywords: Virginia Notice of Election by Surviving Spouse, statutory share, estate administration, legal process, estate attorney, eligibility, types.
