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 Wisconsin Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim a share of their deceased spouse's estate in certain situations. This waiver is commonly used in the context of estate planning and is governed by specific laws in the state of Wisconsin. When an individual passes away in Wisconsin, their surviving spouse typically has the right to claim a portion of the deceased spouse's estate as their statutory share, even if they were not included in the deceased spouse's will. This statutory share ensures that the surviving spouse is not left without any inheritance. However, in some cases, both spouses may agree that it is more beneficial to waive this right to claim a portion of the estate. This waiver can be particularly useful in situations where the couple has made alternative arrangements for the distribution of their assets, such as through a properly executed prenuptial agreement, a trust, or other estate planning measures. By signing the Wisconsin Waiver of Right to Election by Spouse, the individual acknowledges that they are willingly and knowingly renouncing their right to claim a share of the estate according to Wisconsin's laws. It is important to note that signing this waiver does not automatically mean that the surviving spouse will receive nothing from the estate. It simply means that they have willingly foregone their statutory right and that the deceased spouse's wishes, as expressed in their will or other estate planning documents, will be upheld. Different types of Wisconsin Waiver of Right to Election by Spouse may exist depending on the specific circumstances and preferences of the individuals involved. For example, there may be waivers designed for couples who have a pre-existing agreement regarding the distribution of their assets, while others may be more generic and flexible to accommodate different estate planning structures. It is always recommended consulting with an experienced estate planning attorney in Wisconsin to ensure that the waiver is properly drafted, executed, and in compliance with all relevant laws. An attorney can provide guidance based on individual circumstances and help protect the rights and interests of both parties involved.
