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 Harris Texas Waiver of Right to Election by Spouse is a legal document that allows a married individual in Harris County, Texas, to waive their right to file for an elective share of their spouse's estate after their death. This waiver effectively eliminates the right of the surviving spouse to claim a set percentage of the deceased spouse's estate as mandated by Texas law. By signing this document, the individual voluntarily gives up their entitlement to a portion of the estate, and instead agrees to accept either the provisions set forth in the deceased spouse's will or any other predetermined arrangement made between the couple. This waiver is commonly used when couples want to ensure that their assets and estates are distributed according to their own wishes, rather than being subject to the statutory default provisions. There are several types of Waivers of Right to Election by Spouse, each providing different conditions and considerations: 1. Specific Waiver: This type of waiver clearly outlines the specific rights and benefits that the surviving spouse agrees to waive. It indicates the precise provisions of the deceased spouse's estate plan that the surviving spouse will not claim, providing a detailed breakdown of the assets and amounts involved. 2. General Waiver: A general waiver relinquishes the surviving spouse's right to claim any part of the deceased spouse's estate, regardless of the size or nature of the assets involved. This broad waiver encompasses all aspects of the estate, including real estate, personal property, financial accounts, investments, and any other assets. 3. Conditional Waiver: A conditional waiver is executed with certain conditions or triggers attached to it. It specifies that the surviving spouse's rights will be waived only if certain predetermined conditions or events occur, such as the execution of a prenuptial or postnuptial agreement, divorce, or separation. 4. Lifetime Waiver: A lifetime waiver permanently and irrevocably waives the surviving spouse's rights to the deceased spouse's estate during their lifetime. This type of waiver typically involves comprehensive estate planning strategies where both spouses reach a mutually agreed arrangement for asset distribution during their lifetimes. It is important to note that Harris County, Texas, has specific legal requirements and procedures for executing a valid Waiver of Right to Election by Spouse. It is advisable to consult with an experienced attorney who specializes in estate planning and family law to ensure compliance with all legal formalities and to address any specific considerations in one's estate planning goals.A Harris Texas Waiver of Right to Election by Spouse is a legal document that allows a married individual in Harris County, Texas, to waive their right to file for an elective share of their spouse's estate after their death. This waiver effectively eliminates the right of the surviving spouse to claim a set percentage of the deceased spouse's estate as mandated by Texas law. By signing this document, the individual voluntarily gives up their entitlement to a portion of the estate, and instead agrees to accept either the provisions set forth in the deceased spouse's will or any other predetermined arrangement made between the couple. This waiver is commonly used when couples want to ensure that their assets and estates are distributed according to their own wishes, rather than being subject to the statutory default provisions. There are several types of Waivers of Right to Election by Spouse, each providing different conditions and considerations: 1. Specific Waiver: This type of waiver clearly outlines the specific rights and benefits that the surviving spouse agrees to waive. It indicates the precise provisions of the deceased spouse's estate plan that the surviving spouse will not claim, providing a detailed breakdown of the assets and amounts involved. 2. General Waiver: A general waiver relinquishes the surviving spouse's right to claim any part of the deceased spouse's estate, regardless of the size or nature of the assets involved. This broad waiver encompasses all aspects of the estate, including real estate, personal property, financial accounts, investments, and any other assets. 3. Conditional Waiver: A conditional waiver is executed with certain conditions or triggers attached to it. It specifies that the surviving spouse's rights will be waived only if certain predetermined conditions or events occur, such as the execution of a prenuptial or postnuptial agreement, divorce, or separation. 4. Lifetime Waiver: A lifetime waiver permanently and irrevocably waives the surviving spouse's rights to the deceased spouse's estate during their lifetime. This type of waiver typically involves comprehensive estate planning strategies where both spouses reach a mutually agreed arrangement for asset distribution during their lifetimes. It is important to note that Harris County, Texas, has specific legal requirements and procedures for executing a valid Waiver of Right to Election by Spouse. It is advisable to consult with an experienced attorney who specializes in estate planning and family law to ensure compliance with all legal formalities and to address any specific considerations in one's estate planning goals.
