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 Hillsborough Florida Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim an elective share of their deceased spouse's estate. This waiver is typically used in estate planning and is designed to protect the wishes and intentions of the deceased individual as outlined in their will or trust. In Florida, there are two types of Waivers of Right to Election by Spouse: 1. Limited Waiver: This type of waiver allows the spouse to give up their right to claim the elective share of the estate up to a certain dollar amount or specific assets, as stated in the waiver document. The limited waiver provides some flexibility for the spouse to protect their interests while accommodating the wishes of the deceased spouse. 2. Full Waiver: A full waiver of right to election by spouse encompasses a complete relinquishment of any claim to the elective share of the estate. With this type of waiver, the spouse agrees to forego any entitlement to a statutory share of the deceased spouse's estate, and their inheritance will be limited solely to what is specifically provided for in the will or trust. It is important to note that a Hillsborough Florida Waiver of Right to Election by Spouse can only be executed with the full understanding and consent of the spouse. It is essential to consult with an experienced estate planning attorney who can provide guidance and ensure that the waiver is properly prepared and executed. By utilizing a Hillsborough Florida Waiver of Right to Election by Spouse, individuals can have peace of mind knowing that their estate plan will be carried out according to their wishes and intentions without the risk of a spouse making a claim to an elective share. This legal document helps streamline the distribution of assets and ensures that the deceased's estate is distributed as they saw fit.A Hillsborough Florida Waiver of Right to Election by Spouse is a legal document that allows a spouse to voluntarily give up their right to claim an elective share of their deceased spouse's estate. This waiver is typically used in estate planning and is designed to protect the wishes and intentions of the deceased individual as outlined in their will or trust. In Florida, there are two types of Waivers of Right to Election by Spouse: 1. Limited Waiver: This type of waiver allows the spouse to give up their right to claim the elective share of the estate up to a certain dollar amount or specific assets, as stated in the waiver document. The limited waiver provides some flexibility for the spouse to protect their interests while accommodating the wishes of the deceased spouse. 2. Full Waiver: A full waiver of right to election by spouse encompasses a complete relinquishment of any claim to the elective share of the estate. With this type of waiver, the spouse agrees to forego any entitlement to a statutory share of the deceased spouse's estate, and their inheritance will be limited solely to what is specifically provided for in the will or trust. It is important to note that a Hillsborough Florida Waiver of Right to Election by Spouse can only be executed with the full understanding and consent of the spouse. It is essential to consult with an experienced estate planning attorney who can provide guidance and ensure that the waiver is properly prepared and executed. By utilizing a Hillsborough Florida Waiver of Right to Election by Spouse, individuals can have peace of mind knowing that their estate plan will be carried out according to their wishes and intentions without the risk of a spouse making a claim to an elective share. This legal document helps streamline the distribution of assets and ensures that the deceased's estate is distributed as they saw fit.
