Are you familiar with the term elective share? This is a term used in the legal system referring to the right of inheritance available to the surviving spouse of a deceased person. Elective share allows a spouse to receive a portion of the deceased person’s estate, should the deceased have not left their surviving spouse any inheritance.
This recognition was thought up as a way to prevent the disenfranchisement of married couples when it comes to their mortality. Elective share is designed to ensure that the surviving spouse is excluded from any disadvantage that may occur when the deceased does not leave a will or testament, be it due to a lack of forethought or whatever other reason.
How Elective Share Usually Works in the United States
Typically, when a married person dies without leaving a will, the surviving spouse is entitled to an elective share regardless. The amount of the elective share varies from state to state, although, generally, the majority of states allot 30% of the estate to the surviving spouse. But this, too, could vary depending on the assets or collection of assets the deceased person left behind. Furthermore, any previous agreements or prenuptial agreements, including those written before the marriage, could supersede the code set by the state.
In broad strokes, the elective share provides certainty when it comes to inheritance. For the surviving spouse, it prevents them from being cut out entirely from the deceased’s estate. In effect, it ensures that the law values the marriage, that a surviving spouse is not put in a disadvantageous position because a will was not left behind.
Now What?
Having a basic understanding of elective share is a great place to start if you are considering estate planning for yourself or for someone else. Be sure to do your research and look into the laws in your state to see what sort of elective share provisions they offer. If you have any questions, be sure to consult a legal professional.