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.
Washington Waiver of Right to Election by Spouse refers to a legal document that allows a spouse to voluntarily give up their right to claim a portion of the deceased spouse's estate through the Elective Share statutes. This waiver is commonly used in estate planning to ensure that the deceased spouse's estate is distributed according to their wishes, without interference from the surviving spouse's potential elective share. The Washington Waiver of Right to Election by Spouse serves as a safeguard for the deceased spouse's intention to distribute their assets as specified in their will or other estate planning documents. By signing this waiver, the surviving spouse agrees to forego their right to receive a compulsory share of the deceased spouse's estate, which is typically a set percentage defined by law. There are a few different types of Washington Waiver of Right to Election by Spouse, including: 1. Specific Waiver: This type of waiver is usually tailored to address the specific circumstances and wishes of the married couple. It outlines the specific assets or specific provisions in the deceased spouse's estate plan that the surviving spouse agrees to waive any claim over. 2. General Waiver: A general waiver is a broader waiver that relinquishes the surviving spouse's right to the entire estate or a predetermined share of it. This type of waiver is commonly utilized when both spouses have agreed upon an alternative distribution plan, such as leaving the estate solely to children or other beneficiaries. 3. Conditional Waiver: In some cases, spouses may choose to sign a conditional waiver, which only becomes effective under specific circumstances. For example, the waiver might only come into play if the surviving spouse remarries or receives a significant inheritance from another source. 4. Waiver with Independent Legal Advice: This type of waiver highlights that the spouse signing the document has received independent legal advice regarding their decision to waive their right to the elective share. It is often encouraged to ensure that the waiver is fully understood and voluntarily agreed upon by the surviving spouse. In summary, the Washington Waiver of Right to Election by Spouse is a vital legal tool in estate planning that enables the deceased spouse to control the distribution of their assets. This waiver can be customized to address the specific wishes of the couple, whether through a specific, general, conditional, or waiver with independent legal advice. It is crucial to consult with an experienced estate planning attorney to ensure that the waiver complies with Washington's laws and serves the best interests of all parties involved.
