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.
Fairfax Virginia Notice of Election by Surviving Spouse is a legal document filed in Fairfax County, Virginia, by a surviving spouse to express their intention regarding the distribution of certain assets upon the death of their spouse. This document ensures that the surviving spouse has the right to choose between different types of property that are subject to being included in the marital share. The Notice of Election allows the surviving spouse to either accept what is provided for them under the spouse's will or statutory share, or to elect a one-third share of the augmented estate. There are three types of Fairfax Virginia Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under the Will: In this scenario, the surviving spouse acknowledges and accepts the provisions made for them in the deceased spouse's will. By filing this notice, the surviving spouse chooses to receive the assets or property exactly as outlined in the will without any alterations. 2. Notice of Election to Take Statutory Share: This form of Notice is filed when the surviving spouse decides to forego the provisions made in the deceased spouse's will and instead elects to claim their statutory share. The statutory share grants the surviving spouse a one-third share of the augmented estate. 3. Notice of Election to Take Against the Will: If the surviving spouse believes that they have not been adequately provided for in the deceased spouse's will or would like to disregard the provisions entirely, they can file this type of Notice. Upon filing, the surviving spouse will be entitled to their statutory share in the augmented estate rather than the benefits specified in the will. The Fairfax Virginia Notice of Election by Surviving Spouse is a critical legal instrument that protects the rights and interests of the surviving spouse. It provides them with the option to choose between the provisions outlined in the will or opting for their statutorily entitled share in the augmented estate. These notices play a crucial role in ensuring fair and just distribution of assets upon the death of a spouse in Fairfax, Virginia.Fairfax Virginia Notice of Election by Surviving Spouse is a legal document filed in Fairfax County, Virginia, by a surviving spouse to express their intention regarding the distribution of certain assets upon the death of their spouse. This document ensures that the surviving spouse has the right to choose between different types of property that are subject to being included in the marital share. The Notice of Election allows the surviving spouse to either accept what is provided for them under the spouse's will or statutory share, or to elect a one-third share of the augmented estate. There are three types of Fairfax Virginia Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under the Will: In this scenario, the surviving spouse acknowledges and accepts the provisions made for them in the deceased spouse's will. By filing this notice, the surviving spouse chooses to receive the assets or property exactly as outlined in the will without any alterations. 2. Notice of Election to Take Statutory Share: This form of Notice is filed when the surviving spouse decides to forego the provisions made in the deceased spouse's will and instead elects to claim their statutory share. The statutory share grants the surviving spouse a one-third share of the augmented estate. 3. Notice of Election to Take Against the Will: If the surviving spouse believes that they have not been adequately provided for in the deceased spouse's will or would like to disregard the provisions entirely, they can file this type of Notice. Upon filing, the surviving spouse will be entitled to their statutory share in the augmented estate rather than the benefits specified in the will. The Fairfax Virginia Notice of Election by Surviving Spouse is a critical legal instrument that protects the rights and interests of the surviving spouse. It provides them with the option to choose between the provisions outlined in the will or opting for their statutorily entitled share in the augmented estate. These notices play a crucial role in ensuring fair and just distribution of assets upon the death of a spouse in Fairfax, Virginia.
