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.
Wisconsin Notice of Election by Surviving Spouse is a legally significant document that pertains to estate administration matters. This notice allows a surviving spouse in Wisconsin to make a decision regarding their entitlement to property left by their deceased spouse. By filing this notice, the surviving spouse can elect either to take a statutory share of the estate or to accept the provisions outlined in the deceased spouse's will. Here is some essential information about Wisconsin Notice of Election by Surviving Spouse: 1. Purpose: The purpose of the Wisconsin Notice of Election by Surviving Spouse is to inform the court and any interested parties about the surviving spouse's decision regarding the distribution of the deceased spouse's estate. 2. Statutory Share: The surviving spouse has the option to claim a statutory share of their deceased spouse's estate, as prescribed by Wisconsin state law. This share is based on the length of the marriage and the value of the estate. 3. Waiving Statutory Share: If the surviving spouse wishes to waive their statutory share and accept the provisions outlined in the deceased spouse's will, they can do so by filing the Notice of Election by Surviving Spouse. 4. Advantages of Electing Statutory Share: By electing the statutory share, the surviving spouse ensures they receive a predetermined portion of the estate's assets, even if they were not adequately provided for in the deceased spouse's will. 5. Advantages of Waiving Statutory Share: On the other hand, waiving the statutory share allows the surviving spouse to accept the provisions of the deceased spouse's will, potentially granting them a more significant portion of the estate or specific assets as designated. 6. Types of Wisconsin Notice of Election by Surviving Spouse: There are no different types of Wisconsin Notice of Election by Surviving Spouse. However, there may be variations in the content and format based on individual circumstances, such as whether the deceased spouse had a valid will or if there are any disputes among interested parties. 7. Filing Requirements: The Notice of Election by Surviving Spouse must be filed with the court within a specified timeframe, typically within a few months after the deceased spouse's passing. Failure to file within the designated time frame may result in the loss of the surviving spouse's rights to claim the statutory share. In conclusion, the Wisconsin Notice of Election by Surviving Spouse is a crucial document that empowers the surviving spouse to make an informed decision regarding the distribution of their deceased spouse's estate. Whether choosing the statutory share or accepting the provisions outlined in the will, this notice ensures that the surviving spouse's interests are protected under Wisconsin state law.Wisconsin Notice of Election by Surviving Spouse is a legally significant document that pertains to estate administration matters. This notice allows a surviving spouse in Wisconsin to make a decision regarding their entitlement to property left by their deceased spouse. By filing this notice, the surviving spouse can elect either to take a statutory share of the estate or to accept the provisions outlined in the deceased spouse's will. Here is some essential information about Wisconsin Notice of Election by Surviving Spouse: 1. Purpose: The purpose of the Wisconsin Notice of Election by Surviving Spouse is to inform the court and any interested parties about the surviving spouse's decision regarding the distribution of the deceased spouse's estate. 2. Statutory Share: The surviving spouse has the option to claim a statutory share of their deceased spouse's estate, as prescribed by Wisconsin state law. This share is based on the length of the marriage and the value of the estate. 3. Waiving Statutory Share: If the surviving spouse wishes to waive their statutory share and accept the provisions outlined in the deceased spouse's will, they can do so by filing the Notice of Election by Surviving Spouse. 4. Advantages of Electing Statutory Share: By electing the statutory share, the surviving spouse ensures they receive a predetermined portion of the estate's assets, even if they were not adequately provided for in the deceased spouse's will. 5. Advantages of Waiving Statutory Share: On the other hand, waiving the statutory share allows the surviving spouse to accept the provisions of the deceased spouse's will, potentially granting them a more significant portion of the estate or specific assets as designated. 6. Types of Wisconsin Notice of Election by Surviving Spouse: There are no different types of Wisconsin Notice of Election by Surviving Spouse. However, there may be variations in the content and format based on individual circumstances, such as whether the deceased spouse had a valid will or if there are any disputes among interested parties. 7. Filing Requirements: The Notice of Election by Surviving Spouse must be filed with the court within a specified timeframe, typically within a few months after the deceased spouse's passing. Failure to file within the designated time frame may result in the loss of the surviving spouse's rights to claim the statutory share. In conclusion, the Wisconsin Notice of Election by Surviving Spouse is a crucial document that empowers the surviving spouse to make an informed decision regarding the distribution of their deceased spouse's estate. Whether choosing the statutory share or accepting the provisions outlined in the will, this notice ensures that the surviving spouse's interests are protected under Wisconsin state law.
