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.
Alameda, California Waiver of Right to Election by Spouse is a legal document that enables an individual to waive their right to inherit from their deceased spouse's estate under the California Probate Code Section 13502. This waiver is often executed to ensure that the deceased spouse's estate is distributed according to their wishes. In Alameda, California, there are several types of waivers of right to election by spouse that can be utilized depending on specific circumstances. These include: 1. General Waiver of Right to Election: This type of waiver enables the spouse to completely and irrevocably waive their right to claim any share of the deceased spouse's estate, regardless of its size or nature. 2. Partial Waiver of Right to Election: With this waiver, the spouse can choose to renounce their right to a portion or certain assets of the deceased spouse's estate, while retaining their right to others. 3. Limited Waiver of Right to Election: This allows the spouse to waive their right to a fixed amount or specific assets within the estate, while retaining the right to claim the rest of the estate. 4. Conditional Waiver of Right to Election: In specific situations, the spouse may choose to waive their right to the deceased spouse's estate on the condition that they receive certain specified assets or benefits, such as specific real estate or monetary compensation. The Alameda, California Waiver of Right to Election by Spouse is a crucial legal instrument that ensures an individual's estate is distributed as per their wishes, providing peace of mind and accountability. It is recommended to consult with a knowledgeable attorney to understand the legal implications, process, and requirements associated with executing such a waiver in Alameda, California. Ensure that the document is drafted accurately, taking into consideration all relevant factors and provisions of the California Probate Code.
