What does "elective share" refer to in estate planning?

The term "elective share" specifically refers to the legal right of a surviving spouse to claim a certain portion of the deceased spouse's estate, regardless of what the deceased spouse's will specifies. This is designed to protect spouses from being disinherited and ensures that they receive a minimum amount of the estate. The elective share varies by jurisdiction, but it often allows the spouse to take a fixed percentage of the estate, which can include both probate and non-probate assets.

Understanding the elective share is crucial in estate planning, as it influences how estates are structured and what provisions must be made to avoid conflicts and ensure that both spouses' financial needs are met after one spouse's passing. In contrast, the other options pertain to different aspects of estate planning, such as contesting a will, pre-marital agreements, or the distribution of debts, rather than focusing on the rights of a surviving spouse to a portion of their deceased partner’s estate.