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 rationale for granting an election to the surviving spouse is to ensure that the surviving spouse receives at a minimum amount of the decedents wealth which, in many cases, was accrued during the marriage.
Currently, the amount to be reserved for a spouse is determined by the law of the state where the estate is located. In most states, the elective share is between 1/3 and 1/2 of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the elective share if the surviving spouse is independently wealthy.
A Chicago Illinois Notice of Election by Surviving Spouse is a legal document used in the probate process when an individual passes away without leaving a valid will. This notice provides the surviving spouse with the option to elect against the terms of the deceased spouse's will or estate plan, acquiring a statutory share of the estate instead. The surviving spouse is given the opportunity to choose between accepting the provisions outlined in the will or electing for a statutory share, which could be more favorable. In Chicago, Illinois, there are two main types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Statutory Share: This type of notice allows the surviving spouse to elect to receive the statutory share of the estate, which is determined by Illinois law. According to the probate code, the surviving spouse is entitled to one-third of the deceased spouse's estate if there are also surviving descendants (children or grandchildren), or one-half if there are no surviving descendants. 2. Notice of Election to Take Under the Will: The surviving spouse may choose to accept the provisions established in the deceased spouse's will rather than the statutory share. By doing so, the surviving spouse agrees to abide by the terms of the will and forego any claims to a larger portion of the estate as provided by Illinois law. It is crucial for the surviving spouse to carefully review the deceased spouse's will, assets, and potential implications before making a decision. Seeking legal guidance from an experienced attorney in estate law is highly recommended understanding the consequences and implications of either choice. In summary, a Chicago Illinois Notice of Election by Surviving Spouse is a legal document that gives the surviving spouse the opportunity to decide between accepting the terms outlined in the deceased spouse's will or electing for the statutory share provided by Illinois law. This document plays a crucial role in the probate process, allowing the surviving spouse to make an informed decision regarding their entitlement to the deceased spouse's estate.A Chicago Illinois Notice of Election by Surviving Spouse is a legal document used in the probate process when an individual passes away without leaving a valid will. This notice provides the surviving spouse with the option to elect against the terms of the deceased spouse's will or estate plan, acquiring a statutory share of the estate instead. The surviving spouse is given the opportunity to choose between accepting the provisions outlined in the will or electing for a statutory share, which could be more favorable. In Chicago, Illinois, there are two main types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Statutory Share: This type of notice allows the surviving spouse to elect to receive the statutory share of the estate, which is determined by Illinois law. According to the probate code, the surviving spouse is entitled to one-third of the deceased spouse's estate if there are also surviving descendants (children or grandchildren), or one-half if there are no surviving descendants. 2. Notice of Election to Take Under the Will: The surviving spouse may choose to accept the provisions established in the deceased spouse's will rather than the statutory share. By doing so, the surviving spouse agrees to abide by the terms of the will and forego any claims to a larger portion of the estate as provided by Illinois law. It is crucial for the surviving spouse to carefully review the deceased spouse's will, assets, and potential implications before making a decision. Seeking legal guidance from an experienced attorney in estate law is highly recommended understanding the consequences and implications of either choice. In summary, a Chicago Illinois Notice of Election by Surviving Spouse is a legal document that gives the surviving spouse the opportunity to decide between accepting the terms outlined in the deceased spouse's will or electing for the statutory share provided by Illinois law. This document plays a crucial role in the probate process, allowing the surviving spouse to make an informed decision regarding their entitlement to the deceased spouse's estate.
