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.
A West Virginia Waiver of Right to Election by Spouse is a legally binding document that allows a married individual in West Virginia to waive their right to claim a statutory share of their spouse's estate upon their death. This waiver is typically executed as part of a prenuptial or postnuptial agreement. By signing this waiver, the spouse acknowledges that they understand their rights under West Virginia law and voluntarily choose to relinquish their entitlement to a share of the deceased spouse's estate. This waiver is meant to ensure that the deceased spouse's estate is distributed according to their wishes as outlined in their will or other estate planning documents. The West Virginia Waiver of Right to Election by Spouse serves several purposes. Firstly, it provides clarity and certainty in estate planning, ensuring that the deceased spouse's intentions are respected without any potential conflicts or disputes arising from statutory entitlements. Additionally, it may help protect the interests of other beneficiaries, such as children from a previous marriage or other specified heirs, by ensuring they receive the intended inheritance. It is essential to note that there may be different types or variations of the West Virginia Waiver of Right to Election by Spouse, depending on specific circumstances or individual preferences. Some variations may include the waiver being limited to certain assets, a specific amount of the estate, or a timeframe for which the waiver is valid. Other potential variations can include waivers with specific conditions or contingencies, such as a waiver becoming void if there is evidence of fraud or duress, or a waiver being revoked if the marriage ends in divorce. When considering a West Virginia Waiver of Right to Election by Spouse, it is crucial to seek legal advice from an experienced attorney specializing in estate planning and family law. This will help ensure that the waiver meets all legal requirements, adequately protects your interests, and is appropriately tailored to your specific situation. Keywords: West Virginia, waiver of right to election by spouse, estate planning, prenuptial agreement, postnuptial agreement, statutory share, deceased spouse's estate, will, beneficiaries, inheritance, variations, specific circumstances, individual preferences, assets, conditions, contingencies, legal advice.
