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 Fulton Georgia Waiver of Right to Election by Spouse is a legally binding document that relinquishes an individual's spousal right to claim an elective share or statutory share of their deceased spouse's estate. This waiver is primarily used in Fulton County, Georgia, and serves as a way to waive the rights of a surviving spouse to his or her statutory share in the deceased spouse's estate. In Fulton County, Georgia, there are two main types of Waivers of Right to Election by Spouse: 1) Voluntary Waiver: As the name suggests, this type of waiver is voluntarily signed by a spouse who wishes to waive their right to an elective share. It is typically drafted as a separate document and may require the presence of an attorney to ensure legal compliance. By signing and filing this waiver, the spouse acknowledges that they have been informed of their rights and have chosen to waive their entitlement to the statutory share. 2) Waiver Waits Until Death: This type of waiver differs from the voluntary waiver as it only becomes effective upon the death of the spouse. In this case, the waiver is included in the prenuptial or postnuptial agreement between the spouses. Upon one spouse's passing, the surviving spouse waives their rights to an elective share as outlined in the agreement. This type of waiver is often used when couples are interested in protecting their respective assets and ensuring that the estate is distributed according to their wishes, rather than the state's statutory regulations. Both types of waivers mentioned above are important legal instruments that effectively prevent a surviving spouse from claiming a share of the deceased spouse's estate that they would otherwise be entitled to under Georgia state law. Individuals considering the utilization of a waiver of right to election by spouse in Fulton County, Georgia, are strongly advised to consult with an experienced attorney who can provide guidance, assistance, and ensure proper drafting and execution of the waiver.A Fulton Georgia Waiver of Right to Election by Spouse is a legally binding document that relinquishes an individual's spousal right to claim an elective share or statutory share of their deceased spouse's estate. This waiver is primarily used in Fulton County, Georgia, and serves as a way to waive the rights of a surviving spouse to his or her statutory share in the deceased spouse's estate. In Fulton County, Georgia, there are two main types of Waivers of Right to Election by Spouse: 1) Voluntary Waiver: As the name suggests, this type of waiver is voluntarily signed by a spouse who wishes to waive their right to an elective share. It is typically drafted as a separate document and may require the presence of an attorney to ensure legal compliance. By signing and filing this waiver, the spouse acknowledges that they have been informed of their rights and have chosen to waive their entitlement to the statutory share. 2) Waiver Waits Until Death: This type of waiver differs from the voluntary waiver as it only becomes effective upon the death of the spouse. In this case, the waiver is included in the prenuptial or postnuptial agreement between the spouses. Upon one spouse's passing, the surviving spouse waives their rights to an elective share as outlined in the agreement. This type of waiver is often used when couples are interested in protecting their respective assets and ensuring that the estate is distributed according to their wishes, rather than the state's statutory regulations. Both types of waivers mentioned above are important legal instruments that effectively prevent a surviving spouse from claiming a share of the deceased spouse's estate that they would otherwise be entitled to under Georgia state law. Individuals considering the utilization of a waiver of right to election by spouse in Fulton County, Georgia, are strongly advised to consult with an experienced attorney who can provide guidance, assistance, and ensure proper drafting and execution of the waiver.
