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.
Houston, Texas Notice of Election by Surviving Spouse is a legal document that allows a surviving spouse to make an important decision regarding their deceased spouse's estate. It provides them with the opportunity to choose between accepting what was left for them under the deceased spouse's will or to instead elect their community property interest. In Houston, Texas, there are two types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under Will: This type of Notice is chosen when the surviving spouse decides to accept what was allocated to them in the deceased spouse's will. By filing this Notice, the surviving spouse confirms their intention to accept the bequests and legacies outlined in the will. This option is suitable when the surviving spouse is content with the distribution of assets as stated in the will. 2. Notice of Election to Take Community Property: This Notice is selected if the surviving spouse wants to claim their community property interest over the provisions mentioned in the deceased spouse's will. When this Notice is filed, the surviving spouse seeks to elect a portion, or all, of the community property they are entitled to receive under Texas laws of intestate succession. This option is chosen when the surviving spouse believes they would be entitled to a more substantial share of the estate through community property laws rather than what was allocated under the will. The Houston, Texas Notice of Election by Surviving Spouse is a crucial legal instrument that allows the surviving spouse to make an informed decision regarding their inheritance rights. By filing either of the two types of Notices, the surviving spouse can ensure they exercise their legal rights appropriately, protecting their interests and ensuring a fair distribution of assets in accordance with Texas laws.Houston, Texas Notice of Election by Surviving Spouse is a legal document that allows a surviving spouse to make an important decision regarding their deceased spouse's estate. It provides them with the opportunity to choose between accepting what was left for them under the deceased spouse's will or to instead elect their community property interest. In Houston, Texas, there are two types of Notice of Election by Surviving Spouse: 1. Notice of Election to Take Under Will: This type of Notice is chosen when the surviving spouse decides to accept what was allocated to them in the deceased spouse's will. By filing this Notice, the surviving spouse confirms their intention to accept the bequests and legacies outlined in the will. This option is suitable when the surviving spouse is content with the distribution of assets as stated in the will. 2. Notice of Election to Take Community Property: This Notice is selected if the surviving spouse wants to claim their community property interest over the provisions mentioned in the deceased spouse's will. When this Notice is filed, the surviving spouse seeks to elect a portion, or all, of the community property they are entitled to receive under Texas laws of intestate succession. This option is chosen when the surviving spouse believes they would be entitled to a more substantial share of the estate through community property laws rather than what was allocated under the will. The Houston, Texas Notice of Election by Surviving Spouse is a crucial legal instrument that allows the surviving spouse to make an informed decision regarding their inheritance rights. By filing either of the two types of Notices, the surviving spouse can ensure they exercise their legal rights appropriately, protecting their interests and ensuring a fair distribution of assets in accordance with Texas laws.
