Shares Elective With Example
Description
How to fill out Waiver Of Right To Election By Spouse?
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FAQ
The elective share protects a spouse from disinheritance. Example(s): Hal dies and leaves his wife, Jane, $500 in his will. Hal's total estate is worth $100,000. The state in which Hal and Jane lived provides that a spouse is entitled to one-half of the decedent's estate.
Property that is part of the elective estate includes the following: All property, wherever located, that is subject to estate administration in any state of the United States or in the District of Columbia. Pensions and retirement plans, Joint bank accounts, pay on death accounts, revocable trusts, and Totten trusts.
In most states, the elective share is between one-third and one-half 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.
Surviving spouses invoke their right to take an elective share most often when the decedent attempts to disinherit them or leaves them less than they would receive if they took an elective share. In Florida, the elective share a surviving spouse is entitled to is 30% of the decedent's elective estate.