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.
Wyoming Waiver of Right to Election by Spouse is a legal document that prevents a surviving spouse from making a claim against the deceased spouse's estate. This waiver acknowledges that the surviving spouse willingly gives up their right to elect against the decedent's will and agrees not to seek a share of the estate that may otherwise be legally entitled to them. The purpose of the Wyoming Waiver of Right to Election by Spouse is to ensure that the deceased spouse's wishes, as outlined in their will or estate plan, are carried out without interference or claims from the surviving spouse. This waiver is typically used when the spouses have agreed upon the distribution of assets during their lifetime or have organized their affairs in a way that explicitly designates their intentions for the disposition of assets upon death. By signing this waiver, the surviving spouse acknowledges that they understand the consequences and implications of giving up their right to elect against the decedent's estate. This legally binding document ensures that the deceased spouse's property passes according to their wishes, as specified in their will or trust. It is important to note that the Wyoming Waiver of Right to Election by Spouse can come in different forms depending on the unique circumstances involved. For example, there may be specific waivers tailored for situations where the surviving spouse already received substantial assets during their lifetime or if they had previously agreed to waive their right to the estate through a prenuptial or postnuptial agreement. Other variations of the Wyoming Waiver of Right to Election by Spouse may include provisions that protect the rights of any children or heirs of the surviving spouse, ensuring they are not unintentionally disinherited by the waiver. In conclusion, the Wyoming Waiver of Right to Election by Spouse is a legal document that waives a surviving spouse's right to make claims against the deceased spouse's estate. It ensures that the deceased's wishes are fulfilled and prevents any potential disputes or challenges to the distribution of assets. Different types of waivers may be used depending on the specific circumstances, such as prior agreements or additional provisions protecting the rights of heirs.
