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.
Phoenix Arizona Waiver of Right to Election by Spouse is a legal document that allows one spouse to voluntarily give up their rights to inherit assets and property from the other spouse's estate upon their death. This waiver is typically used in estate planning to ensure that assets are distributed according to the deceased spouse's wishes, without any claims or challenges from the surviving spouse. In Phoenix, Arizona, there are two main types of Waiver of Right to Election by Spouse: 1. Partial Waiver: This type of waiver allows the surviving spouse to retain certain specific rights, while relinquishing other rights. By selecting a partial waiver, both spouses can negotiate and agree upon which assets and properties the surviving spouse will inherit, and which ones they will waive their rights to. 2. Complete Waiver: A complete waiver means that the surviving spouse gives up all rights to inherit any assets or properties from the deceased spouse's estate. This type of waiver is often used when both spouses have independently arranged for their own estate plans, or when they have agreed upon an alternative arrangement for the distribution of assets. A Phoenix Arizona Waiver of Right to Election by Spouse must be signed by both spouses in the presence of a notary public or other authorized witness. It is crucial to consult with a qualified attorney specializing in estate planning to ensure that the waiver is properly executed and meets all legal requirements in the state of Arizona. By utilizing a Phoenix Arizona Waiver of Right to Election by Spouse, individuals can have peace of mind knowing that their estate will be distributed according to their wishes and without any potential disputes or conflicts arising from spousal claims. To protect your assets and ensure proper estate planning, it is advisable to seek professional legal advice tailored to your specific circumstances and goals.Phoenix Arizona Waiver of Right to Election by Spouse is a legal document that allows one spouse to voluntarily give up their rights to inherit assets and property from the other spouse's estate upon their death. This waiver is typically used in estate planning to ensure that assets are distributed according to the deceased spouse's wishes, without any claims or challenges from the surviving spouse. In Phoenix, Arizona, there are two main types of Waiver of Right to Election by Spouse: 1. Partial Waiver: This type of waiver allows the surviving spouse to retain certain specific rights, while relinquishing other rights. By selecting a partial waiver, both spouses can negotiate and agree upon which assets and properties the surviving spouse will inherit, and which ones they will waive their rights to. 2. Complete Waiver: A complete waiver means that the surviving spouse gives up all rights to inherit any assets or properties from the deceased spouse's estate. This type of waiver is often used when both spouses have independently arranged for their own estate plans, or when they have agreed upon an alternative arrangement for the distribution of assets. A Phoenix Arizona Waiver of Right to Election by Spouse must be signed by both spouses in the presence of a notary public or other authorized witness. It is crucial to consult with a qualified attorney specializing in estate planning to ensure that the waiver is properly executed and meets all legal requirements in the state of Arizona. By utilizing a Phoenix Arizona Waiver of Right to Election by Spouse, individuals can have peace of mind knowing that their estate will be distributed according to their wishes and without any potential disputes or conflicts arising from spousal claims. To protect your assets and ensure proper estate planning, it is advisable to seek professional legal advice tailored to your specific circumstances and goals.
