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.
Santa Clara County, located in the heart of California's Silicon Valley, offers a variety of legal instruments that allow individuals to protect and manage their assets, including the Waiver of Right to Election by Spouse. By delving into the intricacies of this legal document, individuals can ensure their estate planning needs are met effectively in the region. In Santa Clara County, a Waiver of Right to Election by Spouse is a legal mechanism used in estate planning to safeguard an individual's assets from being subject to spousal claims in the event of their death. This waiver grants an individual the ability to prevent their spouse from making a statutory claim against their estate, limiting their ability to inherit a portion or the entirety of the estate. The Waiver of Right to Election by Spouse focuses on the spousal right of election, which is a legal provision granting a surviving spouse the right to receive a minimum portion of their deceased spouse's estate, regardless of their spouse's will or estate plan. By signing this waiver, the individual acknowledges that they voluntarily forgo this statutory right, ensuring that their designated beneficiaries receive the assets as per their estate plan. In Santa Clara County, there are two main types of Waiver of Right to Election by Spouse commonly employed: 1. Standalone Waiver: This type of waiver is executed as a standalone document, separate from any other estate planning instruments. It clearly outlines the individual's decision to waive their right of election and must be signed willingly and with full understanding of the consequences of both spouses. 2. Integrated Waiver: An integrated waiver is often included as a clause within a comprehensive estate planning document, such as a prenuptial or postnuptial agreement, trust, or will. This clause specifies the waiver of the right to election by the surviving spouse and ensures its enforceability within the broader context of the estate plan. It is crucial to consult with an experienced estate planning attorney in Santa Clara County when considering the Waiver of Right to Election by Spouse. Legal professionals specialized in estate planning can provide guidance tailored to individual circumstances and ensure the proper creation and execution of this important document.Santa Clara County, located in the heart of California's Silicon Valley, offers a variety of legal instruments that allow individuals to protect and manage their assets, including the Waiver of Right to Election by Spouse. By delving into the intricacies of this legal document, individuals can ensure their estate planning needs are met effectively in the region. In Santa Clara County, a Waiver of Right to Election by Spouse is a legal mechanism used in estate planning to safeguard an individual's assets from being subject to spousal claims in the event of their death. This waiver grants an individual the ability to prevent their spouse from making a statutory claim against their estate, limiting their ability to inherit a portion or the entirety of the estate. The Waiver of Right to Election by Spouse focuses on the spousal right of election, which is a legal provision granting a surviving spouse the right to receive a minimum portion of their deceased spouse's estate, regardless of their spouse's will or estate plan. By signing this waiver, the individual acknowledges that they voluntarily forgo this statutory right, ensuring that their designated beneficiaries receive the assets as per their estate plan. In Santa Clara County, there are two main types of Waiver of Right to Election by Spouse commonly employed: 1. Standalone Waiver: This type of waiver is executed as a standalone document, separate from any other estate planning instruments. It clearly outlines the individual's decision to waive their right of election and must be signed willingly and with full understanding of the consequences of both spouses. 2. Integrated Waiver: An integrated waiver is often included as a clause within a comprehensive estate planning document, such as a prenuptial or postnuptial agreement, trust, or will. This clause specifies the waiver of the right to election by the surviving spouse and ensures its enforceability within the broader context of the estate plan. It is crucial to consult with an experienced estate planning attorney in Santa Clara County when considering the Waiver of Right to Election by Spouse. Legal professionals specialized in estate planning can provide guidance tailored to individual circumstances and ensure the proper creation and execution of this important document.
