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 Franklin Ohio Notice of Election by Surviving Spouse is a legal document that pertains to the estate proceedings of a deceased individual in Franklin, Ohio. This notice is specifically for the surviving spouse of the deceased and grants them the right to elect how they wish to distribute their share of the estate. In Franklin, Ohio, there are two main types of Notice of Election by Surviving Spouse: the elective share and the waiver of election. 1. Elective Share: The elective share is a process that allows a surviving spouse to claim a percentage of the deceased spouse's estate, regardless of what is stated in their will or trust. The surviving spouse has the right to elect to receive this share instead of what was outlined in the estate plan. 2. Waiver of Election: On the other hand, the surviving spouse may choose to waive their right to the elective share. By signing the Waiver of Election, they agree to not claim the designated percentage of the estate and instead adhere to the distribution plan stated in the deceased spouse's will or trust. In both cases, the Franklin Ohio Notice of Election by Surviving Spouse is a crucial document that should be filed promptly to protect the rights and interests of the surviving spouse in the estate proceedings. It allows the surviving spouse to exercise their legal rights and make significant decisions regarding their entitlement to assets and property. To initiate the process, the surviving spouse should consult with an experienced attorney familiar with probate laws in Franklin, Ohio. The attorney will guide them through the necessary steps and help them complete the Franklin Ohio Notice of Election by Surviving Spouse accurately. It is essential to note that the requirements and procedures for filing a Notice of Election by Surviving Spouse may vary from state to state. Therefore, it is crucial to consult with a legal professional familiar with the specific laws in Franklin, Ohio, to ensure compliance and the preservation of rights. By understanding the different types of Notice of Election by Surviving Spouse in Franklin, Ohio, and their implications, surviving spouses can navigate the estate settlement process more effectively and make informed decisions. Seeking legal advice will provide the necessary guidance to protect their interests and ensure a fair distribution of the deceased spouse's assets.A Franklin Ohio Notice of Election by Surviving Spouse is a legal document that pertains to the estate proceedings of a deceased individual in Franklin, Ohio. This notice is specifically for the surviving spouse of the deceased and grants them the right to elect how they wish to distribute their share of the estate. In Franklin, Ohio, there are two main types of Notice of Election by Surviving Spouse: the elective share and the waiver of election. 1. Elective Share: The elective share is a process that allows a surviving spouse to claim a percentage of the deceased spouse's estate, regardless of what is stated in their will or trust. The surviving spouse has the right to elect to receive this share instead of what was outlined in the estate plan. 2. Waiver of Election: On the other hand, the surviving spouse may choose to waive their right to the elective share. By signing the Waiver of Election, they agree to not claim the designated percentage of the estate and instead adhere to the distribution plan stated in the deceased spouse's will or trust. In both cases, the Franklin Ohio Notice of Election by Surviving Spouse is a crucial document that should be filed promptly to protect the rights and interests of the surviving spouse in the estate proceedings. It allows the surviving spouse to exercise their legal rights and make significant decisions regarding their entitlement to assets and property. To initiate the process, the surviving spouse should consult with an experienced attorney familiar with probate laws in Franklin, Ohio. The attorney will guide them through the necessary steps and help them complete the Franklin Ohio Notice of Election by Surviving Spouse accurately. It is essential to note that the requirements and procedures for filing a Notice of Election by Surviving Spouse may vary from state to state. Therefore, it is crucial to consult with a legal professional familiar with the specific laws in Franklin, Ohio, to ensure compliance and the preservation of rights. By understanding the different types of Notice of Election by Surviving Spouse in Franklin, Ohio, and their implications, surviving spouses can navigate the estate settlement process more effectively and make informed decisions. Seeking legal advice will provide the necessary guidance to protect their interests and ensure a fair distribution of the deceased spouse's assets.
