retirement

What is election against the will?

 

What is election against the will?

(The Bankrate.com financial term of the day is:) "Election against the will."

This is sometimes called "take against the will." It's a legal right that can kick in if your spouse dies -- and sticks it to you in the will. When a hubby or wife leaves you out in the financial cold, your state may allow you to collect a percentage of the dear departed's assets instead.

An estranged wife whose spiteful husband left her a dollar and left everything else to his German shepherd could have the last laugh by making an election against the will to claim a bigger portion of the estate.

To find out more about estate planning, visit the Retirement tab at Bankrate.com.

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