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.
The Bexar Texas Waiver of Right to Election by Spouse is a legal document that allows a spouse to waive their right to make an election against the other spouse's will when it comes to inheritance. This waiver essentially relinquishes the surviving spouse's entitlement to a statutory share of the deceased spouse's estate. In Bexar County, Texas, there are several types of waivers of right to election by the spouse that can be utilized depending on the specific circumstances and intentions of the parties involved. These waivers include: 1. Bexar Texas Limited Waiver of Right to Election by Spouse: This type of waiver limits the spouse's ability to claim a statutory share of the deceased spouse's estate. It may specify certain assets or a specific portion of the estate for which the waiver applies. 2. Bexar Texas Full Waiver of Right to Election by Spouse: This waiver completely relinquishes the surviving spouse's right to make any claim against the deceased spouse's estate. It encompasses all assets and properties, leaving the surviving spouse with no right to inheritance. 3. Bexar Texas Partial Waiver of Right to Election by Spouse: Unlike the full waiver, this type of waiver only relinquishes the surviving spouse's right to claim a specific portion or certain assets of the estate. Other portions or assets may remain eligible for a claim. It is crucial to seek legal advice when considering a Bexar Texas Waiver of Right to Election by Spouse, as the specific laws and regulations may vary. Consulting with an attorney specializing in estate planning or family law will ensure that the waiver is executed properly, meeting all legal requirements. By utilizing a Bexar Texas Waiver of Right to Election by Spouse, parties involved can clarify their intentions regarding inheritance matters. These waivers allow individuals to establish their desired distributions and protect their assets in accordance with their wishes, ensuring that their estate is managed and passed on as they see fit.
