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.
Queens, New York Waiver of Right to Election by Spouse is a legal document that functions to relinquish the rights of a surviving spouse to claim a share of the deceased spouse's estate, as provided under New York State's Estate, Powers, and Trusts Law (EPFL) Section 5-1.1-A. This waiver is often utilized in estate planning and allows the deceased's estate to be distributed according to their wishes without any claims from the surviving spouse. The Queens, New York Waiver of Right to Election by Spouse is applicable to various scenarios, including: 1. Trusts and Wills: This waiver can be incorporated into trusts or included within the provisions of a testamentary will. Its purpose is to ensure that the assets held in trust or left behind in a will are distributed as intended by the decedent, without any interference from the surviving spouse's statutory right to elect against the will. 2. Intestate Succession: In cases where the deceased spouse did not leave a will, the laws of intestate succession determine how the estate is distributed. However, the surviving spouse's right to election may still come into play. By obtaining a signed Queens, New York Waiver of Right to Election by Spouse, the deceased spouse's estate can bypass the surviving spouse's claim and follow the predetermined guidelines for intestate succession. 3. PRE or Postnuptial Agreements: Couples may enter into prenuptial or postnuptial agreements that stipulate the waiver of the surviving spouse's right to election. These agreements provide clarity and protection for both parties, setting forth predetermined arrangements regarding the distribution of assets upon death. It is crucial to ensure the waiver is drafted in compliance with New York State law. The document should explicitly state the intention of the surviving spouse to renounce their right to election, recognizing that they understand the consequences and implications of their decision. Retaining the services of an experienced attorney who specializes in estate planning and family law is strongly advised to ensure the validity and enforceability of the Queens, New York Waiver of Right to Election by Spouse. In conclusion, a Queens, New York Waiver of Right to Election by Spouse is a legal tool that allows individuals to protect their estate planning goals and intentions by relinquishing the statutory right of a surviving spouse to elect against the will or trust. It can be incorporated into various legal documents such as wills, trusts, and PRE or postnuptial agreements, providing clarity and avoiding potential conflicts in the distribution of assets after death.Queens, New York Waiver of Right to Election by Spouse is a legal document that functions to relinquish the rights of a surviving spouse to claim a share of the deceased spouse's estate, as provided under New York State's Estate, Powers, and Trusts Law (EPFL) Section 5-1.1-A. This waiver is often utilized in estate planning and allows the deceased's estate to be distributed according to their wishes without any claims from the surviving spouse. The Queens, New York Waiver of Right to Election by Spouse is applicable to various scenarios, including: 1. Trusts and Wills: This waiver can be incorporated into trusts or included within the provisions of a testamentary will. Its purpose is to ensure that the assets held in trust or left behind in a will are distributed as intended by the decedent, without any interference from the surviving spouse's statutory right to elect against the will. 2. Intestate Succession: In cases where the deceased spouse did not leave a will, the laws of intestate succession determine how the estate is distributed. However, the surviving spouse's right to election may still come into play. By obtaining a signed Queens, New York Waiver of Right to Election by Spouse, the deceased spouse's estate can bypass the surviving spouse's claim and follow the predetermined guidelines for intestate succession. 3. PRE or Postnuptial Agreements: Couples may enter into prenuptial or postnuptial agreements that stipulate the waiver of the surviving spouse's right to election. These agreements provide clarity and protection for both parties, setting forth predetermined arrangements regarding the distribution of assets upon death. It is crucial to ensure the waiver is drafted in compliance with New York State law. The document should explicitly state the intention of the surviving spouse to renounce their right to election, recognizing that they understand the consequences and implications of their decision. Retaining the services of an experienced attorney who specializes in estate planning and family law is strongly advised to ensure the validity and enforceability of the Queens, New York Waiver of Right to Election by Spouse. In conclusion, a Queens, New York Waiver of Right to Election by Spouse is a legal tool that allows individuals to protect their estate planning goals and intentions by relinquishing the statutory right of a surviving spouse to elect against the will or trust. It can be incorporated into various legal documents such as wills, trusts, and PRE or postnuptial agreements, providing clarity and avoiding potential conflicts in the distribution of assets after death.
