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.
Wyoming Notice of Election by Surviving Spouse is a legal document used in the state of Wyoming to outline the rights and options available to a surviving spouse when it comes to the distribution of assets and property after the death of their partner. This document gives the surviving spouse the opportunity to either accept the assets left to them under the deceased spouse's will or to elect against the will and opt for a statutory share of the estate. In Wyoming, there are different types of Notice of Election by Surviving Spouse, depending on the circumstances of the estate. Here are some key types: 1. Wyoming Notice of Election by Surviving Spouse with a Will: If the deceased spouse had a valid will, this type of notice allows the surviving spouse to review the contents of the will and make an informed decision about whether to accept what was explicitly stated or to exercise their statutory rights. 2. Wyoming Notice of Election by Surviving Spouse without a Will: In cases where the deceased spouse did not leave a valid will, this notice gives the surviving spouse the opportunity to elect against the rules of intestate succession and instead choose the statutory share they are entitled to as a surviving spouse. 3. Wyoming Notice of Election by Surviving Spouse with Contested Assets: When there are disputed or contested assets within the estate, this notice allows the surviving spouse to make an informed decision based on their rights and options, considering the ongoing disputes. The Wyoming Notice of Election by Surviving Spouse is a crucial document as it ensures that the surviving spouse is aware of their rights and has the opportunity to exercise them within the legal framework of the state. By providing this notice, the Wyoming legal system aims to protect the rights and interests of surviving spouses and ensure fair distribution of assets. It is important for surviving spouses to thoroughly understand this notice and consult with legal professionals to make informed decisions.Wyoming Notice of Election by Surviving Spouse is a legal document used in the state of Wyoming to outline the rights and options available to a surviving spouse when it comes to the distribution of assets and property after the death of their partner. This document gives the surviving spouse the opportunity to either accept the assets left to them under the deceased spouse's will or to elect against the will and opt for a statutory share of the estate. In Wyoming, there are different types of Notice of Election by Surviving Spouse, depending on the circumstances of the estate. Here are some key types: 1. Wyoming Notice of Election by Surviving Spouse with a Will: If the deceased spouse had a valid will, this type of notice allows the surviving spouse to review the contents of the will and make an informed decision about whether to accept what was explicitly stated or to exercise their statutory rights. 2. Wyoming Notice of Election by Surviving Spouse without a Will: In cases where the deceased spouse did not leave a valid will, this notice gives the surviving spouse the opportunity to elect against the rules of intestate succession and instead choose the statutory share they are entitled to as a surviving spouse. 3. Wyoming Notice of Election by Surviving Spouse with Contested Assets: When there are disputed or contested assets within the estate, this notice allows the surviving spouse to make an informed decision based on their rights and options, considering the ongoing disputes. The Wyoming Notice of Election by Surviving Spouse is a crucial document as it ensures that the surviving spouse is aware of their rights and has the opportunity to exercise them within the legal framework of the state. By providing this notice, the Wyoming legal system aims to protect the rights and interests of surviving spouses and ensure fair distribution of assets. It is important for surviving spouses to thoroughly understand this notice and consult with legal professionals to make informed decisions.
