The Elective Share is the share of a Decedent's assets which the surviving spouse can elect to receive, under the State probate code regardless of the provisions of the Decedent's Will or Trust. This share was formerly known as the "Dower" right and was equal to the amount the spouse would have received under the intestate succession statute if there had been no Will. The modern Elective Share was instituted under the Uniform Probate Code, which has been adopted by many states in the United States. The Elective Share allows the surviving spouse to elect to take a formula amount, or value, of assets instead of the amount bequeathed in the will or left to them in trust. The Elective Share primarily applies to "Marital Assets". Separate Property is not usually included in the Elective Share, but Utah's current version of the Elective Share may subject Separate Property to the election under some circumstances.
Portion of a deceased person's estate that a spouse is entitled to claim under state law.
A widow's statutory prescribed share.
Also called the forced share, it is the percentage of the estate that the spouse may choose instead of inheriting under the will.
The statutory right which a husband or wife has in the estate of his or her deceased spouse.
This is an option for a surviving spouse. If a surviving spouse is not satisfied with the inheritance left by a husband or wife, the surviving spouse can choose instead to take an "elective share." The amount of that share depends on how long the couple was married. A claim for an elective share must be made within 9 months after death. Rules for the elective share are complicated.
An elective share is a term used in American law 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 may also be called a widow's share, statutory share or forced share.