An elective share is a legal right that allows a surviving spouse to claim a certain portion of their deceased spouse’s estate, regardless of what the deceased spouse’s will or other estate planning documents say. The exact amount of the elective share varies depending on state law, but it is typically a percentage of the deceased spouse’s net estate. The purpose of an elective share is to ensure that a surviving spouse is not left without adequate financial support after their spouse’s death.
The elective share is also known as a statutory share, election against the will, forced share, or widow’s share. The amount that will be kept for the surviving spouse varies by the state where the deceased’s estate is situated. In some states, the spouse can claim an elective share and get it. However, nothing else will be given to them from the estate.
Who is involved in an elective share?
There are multiple parties involved in an elective share, including a decedent, a surviving spouse and potential heirs. The decedent is the person who has passed away and left their estate to be divided up among the other parties. The surviving spouse may receive a portion of the elective share, depending on state laws in regard to elective shares. Here are the people and entities that may be involved:
- The surviving spouse: They are the person who has the right to claim the elective share.
- The deceased spouse: They are the person whose estate is subject to the elective share claim.
- The executor or administrator of the estate: They are responsible for distributing the assets of the deceased spouse’s estate according to the will or, if there is no will, according to state law.
- The probate court: The court that oversees the distribution of the deceased spouse’s estate and ensures that the elective share claim is handled properly.
- Beneficiaries of the estate: They are the people who stand to inherit from the deceased spouse’s estate according to the will or state law. The elective share claim may affect their inheritance.
- Attorneys: They may represent the surviving spouse, the executor or administrator of the estate, or other parties involved in the probate process.
Who has the right to claim an elective share?
A surviving spouse has the right to claim an elective share, as it is a legal right that allows them to claim a certain portion of their deceased spouse’s estate, regardless of what the deceased spouse’s will or other estate planning documents say.
What is the purpose of an elective share?
The purpose of an elective share is to ensure that a surviving spouse is not left without adequate financial support after their spouse’s death. The elective share is intended to provide for the basic needs of the surviving spouse and to prevent them from becoming destitute after the death of their spouse. It is also a way to protect the surviving spouse’s rights and interests in the deceased spouse’s estate.
Who is responsible for distributing the assets of the estate according to the elective share claim?
The executor or administrator of the estate is responsible for distributing the assets of the estate according to the elective share claim. They are responsible for ensuring that the elective share claim is handled properly and that the surviving spouse receives their fair share of the deceased spouse’s estate.
How does the elective share affect the beneficiaries of the estate?
The elective share claim may affect the inheritance of the beneficiaries of the estate. The amount of the elective share is typically a percentage of the deceased spouse’s net estate, so the larger the elective share, the less there will be for the other beneficiaries to inherit. Beneficiaries may also be required to share the estate assets according to the elective share claim.
Who oversees the distribution of the deceased spouse’s estate and ensures that the elective share claim is handled properly?
The probate court oversees the distribution of the deceased spouse’s estate and ensures that the elective share claim is handled properly. They have the power to approve or reject the elective share claim, to ensure that the claim is made in accordance with state law, and to resolve any disputes that may arise.
Do I need an attorney to file for an elective share?
While it is not necessary to have an attorney to file for an elective share, it is highly recommended. An attorney can guide you through the process, ensure that your claim is properly filed, and represent your interests in court. An attorney will also be able to advise you on your rights and options under state law, and help you negotiate a fair settlement.
