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.
Palm Beach, Florida: An Overview and Understanding of the Notice of Election by Surviving Spouse Introduction: Palm Beach, located in the southeastern United States, is a picturesque coastal town situated in Palm Beach County, Florida. Known for its luxurious resorts, pristine beaches, and vibrant social scene, Palm Beach attracts tourists and residents alike. However, in certain circumstances, such as the passing of a loved one, legal matters must be addressed, including the Notice of Election by Surviving Spouse. This article aims to provide a detailed description of what Palm Beach, Florida's Notice of Election by Surviving Spouse entails, ensuring a comprehensive understanding. What is the Notice of Election by Surviving Spouse: The Notice of Election by Surviving Spouse is a legal procedure that allows a surviving spouse to make a choice concerning their rights and benefits after their partner's demise. This important document outlines the surviving spouse's options, specifically related to the deceased spouse's estate, assets, and property in Palm Beach, Florida. Types of Palm Beach, Florida Notice of Election by Surviving Spouse: 1. Omitted Spouse Election: This type of notice comes into play when a surviving spouse is unintentionally omitted or excluded from their deceased spouse's estate planning documents. This notice ensures that the surviving spouse has the right to elect statutory benefits provided by Florida law, despite any unintentional exclusion. 2. Pre-1991 Right of Election: Prior to 1991, Florida law allowed a spouse to elect either a share of the deceased spouse's estate or receive specific assets through this notice. This type of notice is particularly relevant for cases where the deceased spouse's estate was planned or created before 1991. 3. Post-1991 Right of Election: Following changes in Florida law in 1991, this type of notice offers additional rights and benefits to a surviving spouse. It grants the spouse the choice to receive a specific share of the deceased partner's estate, which is determined by the length of the marriage. 4. Waiver of Right of Election: This notice is used when a surviving spouse voluntarily waives their right to elect benefits or a share of the deceased spouse's estate. In Palm Beach, Florida, this waiver must be provided in writing and signed by the spouse, ensuring their informed consent. Conclusion: Palm Beach, Florida's Notice of Election by Surviving Spouse is a crucial legal process that affords surviving spouses the opportunity to exercise their rights and receive benefits after the passing of their partner. Whether it is the Omitted Spouse Election, Pre-1991 Right of Election, Post-1991 Right of Election, or Waiver of Right of Election, understanding the nuances of each type of notice is essential. By being well-informed about this legal process, individuals can make informed decisions regarding their deceased spouse's estate, assets, and property, ensuring necessary legal protection and security during a challenging time.Palm Beach, Florida: An Overview and Understanding of the Notice of Election by Surviving Spouse Introduction: Palm Beach, located in the southeastern United States, is a picturesque coastal town situated in Palm Beach County, Florida. Known for its luxurious resorts, pristine beaches, and vibrant social scene, Palm Beach attracts tourists and residents alike. However, in certain circumstances, such as the passing of a loved one, legal matters must be addressed, including the Notice of Election by Surviving Spouse. This article aims to provide a detailed description of what Palm Beach, Florida's Notice of Election by Surviving Spouse entails, ensuring a comprehensive understanding. What is the Notice of Election by Surviving Spouse: The Notice of Election by Surviving Spouse is a legal procedure that allows a surviving spouse to make a choice concerning their rights and benefits after their partner's demise. This important document outlines the surviving spouse's options, specifically related to the deceased spouse's estate, assets, and property in Palm Beach, Florida. Types of Palm Beach, Florida Notice of Election by Surviving Spouse: 1. Omitted Spouse Election: This type of notice comes into play when a surviving spouse is unintentionally omitted or excluded from their deceased spouse's estate planning documents. This notice ensures that the surviving spouse has the right to elect statutory benefits provided by Florida law, despite any unintentional exclusion. 2. Pre-1991 Right of Election: Prior to 1991, Florida law allowed a spouse to elect either a share of the deceased spouse's estate or receive specific assets through this notice. This type of notice is particularly relevant for cases where the deceased spouse's estate was planned or created before 1991. 3. Post-1991 Right of Election: Following changes in Florida law in 1991, this type of notice offers additional rights and benefits to a surviving spouse. It grants the spouse the choice to receive a specific share of the deceased partner's estate, which is determined by the length of the marriage. 4. Waiver of Right of Election: This notice is used when a surviving spouse voluntarily waives their right to elect benefits or a share of the deceased spouse's estate. In Palm Beach, Florida, this waiver must be provided in writing and signed by the spouse, ensuring their informed consent. Conclusion: Palm Beach, Florida's Notice of Election by Surviving Spouse is a crucial legal process that affords surviving spouses the opportunity to exercise their rights and receive benefits after the passing of their partner. Whether it is the Omitted Spouse Election, Pre-1991 Right of Election, Post-1991 Right of Election, or Waiver of Right of Election, understanding the nuances of each type of notice is essential. By being well-informed about this legal process, individuals can make informed decisions regarding their deceased spouse's estate, assets, and property, ensuring necessary legal protection and security during a challenging time.
