What is the elective share?
If a spouse dies, then the surviving spouse may elect to take a one-third share of their estate. This is called an elective share. Basically, a spouse can’t be disinherited. The surviving spouse has a right to an elective share of the deceased’s estate. The only way that a surviving spouse can be completely disinherited is if the parties execute a prenuptial agreement. In a prenuptial agreement both spouses can agree to waive any claims to an elective share of each other’s respective estates. Your Elective Estate not only includes property in your name alone, but it also includes most assets with beneficiary designations such as bank accounts, securities, IRA accounts, your interest in jointly held property, annuities, certain interests in trusts, the cash value of life insurance, and even property that you might transfer to a child during the one year period preceding your death. In other words, you cannot easily ignore your spouse’s rights to his or her elective share of your estate.
