elective share


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Elective Share

Statutory provision that a surviving spouse may choose between taking that which is provided in the will of the deceased spouse or taking a statutorily prescribed share of the estate. Such election may be presented if the will leaves the spouse less than he or she would otherwise receive by statute. This election may also be taken if the spouse seeks to set aside a will that contains a provision to the effect that an attempt to contest the will defeats the rights of one to take under the will.

elective share

laws that allow a spouse to take a part of an estate when the other spouse dies, regardless of the terms of any will or testament.
References in periodicals archive ?
5) that an election to take an elective share must be filed within the time provided by law.
The Elective Share Review Committee focused on updating a surviving spouse's right to estate assets.
Ever since the statutory elective share replaced dower and curtesy, courts have been trying to expand the property subject to the spouse's elective share.
Specialties are Probate, trusts, elective share trust, wills, power of atty, Medicaid, VA, and LTC planning.
This third edition offers expanded coverage of the elective share doctrine of the Uniform Probate Code, analyzing the Code's harmless error approach versus the traditional strict compliance approach.
Disinheriting a spouse is more complex because of elective share statutes; most states require the affected spouse to sign a waiver at the time the will is signed stating that he or she is consenting to the disinheritance.
Previously, the statutory elective share extended only to the decedent spouse's probate estate.
In addition, if properly established, trust-held assets are protected from state elective share statutes (which allow the spouse to "elect against the will" and claim up to one-third of the breadwinner's assets potentially, destroying the asset distribution plan).
However, before pursuing such an agreement, local law should be consulted to ensure that such restrictive agreements are enforceable, especially in light of a surviving spouse's elective share statute or other statutory authority that gives the surviving spouse the right to select the S corporation stock from the decedent's estate.
The IRS has addressed the following issues: Timing of the charitable deduction in connection with gifts of stock options, gifts where the donor retains the ability to manage the gift property, final regulations concerning the charitable remainder trust characterization and ordering rules, and a controversial (and withdrawn) proposal concerning the impact of spousal elective share laws on the qualification of charitable remainder trusts.
However, in estates that experience significant liquidity problems, elective share issues, creditor problems, or friction between the beneficiaries, the issue may need to be squarely addressed.