The Spousal Elective Share Waiver is a legal agreement in which one spouse voluntarily relinquishes their right to claim an elective share of the other spouse’s estate upon death.
In many jurisdictions, including Texas, a surviving spouse is entitled to a statutory share of the deceased spouse’s estate, commonly referred to as the elective share. This elective share is designed to ensure that a spouse is not disinherited and receives a fair portion of the estate, regardless of the provisions made in the deceased spouse’s will.
A Spousal Elective Share Waiver becomes relevant when one spouse wishes to establish their intentions regarding the distribution of their assets without the automatic claim of the surviving spouse. This waiver must be executed in compliance with specific legal requirements, typically involving a written agreement signed by both spouses.
For example, a couple may enter into a Spousal Elective Share Waiver if they are planning to create a prenuptial or postnuptial agreement that delineates how their assets will be divided upon death or divorce. By waiving the elective share, the surviving spouse agrees to accept the terms outlined in the will or trust of the deceased spouse, which may differ from the statutory entitlement.
It is essential for individuals considering this waiver to consult with legal counsel, as the implications can significantly affect estate planning and the financial well-being of the surviving spouse. In Texas, these waivers are enforceable if they meet certain conditions, and it is advisable to ensure that both parties fully understand their rights and implications before executing such an agreement.
« Back to Glossary Index