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Elective Share is a legal term used to protect the spouse of someone who has passed away. It means that the surviving spouse has the right to claim a certain percentage of their deceased spouse's estate, even if the will doesn't include them. This way, the law makes sure the surviving spouse isn't left with nothing.
For example, let's say John passes away and leaves a will that gives all his property to his children, but nothing to his wife, Jane. In their state, the law says a surviving spouse can claim 30% of the estate as their Elective Share. So, Jane can choose to take 30% of John's estate instead of what the will says, making sure she is financially taken care of.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the world of estates, there's a term, oh so fair,
It's called Elective Share, for spouses with care.
When one spouse departs, to the great beyond,
The other's protected, like a magic wand.
Now, John had a will, but Jane was left out,
His estate went to his children, oh, what a bout!
But the law stepped in, with an Elective Share,
To give Jane a portion, because it was fair.
So remember, my friend, when the will's not enough,
Elective Share's there to handle the rough.
It keeps spouses safe, from financial despair,
The law's helping hand, the Elective Share.