What does the elective share ensure for a surviving spouse?

The elective share serves to protect the financial interests of a surviving spouse by ensuring that they receive a specified portion of the deceased spouse's estate. This legal provision allows the surviving spouse to elect to take an amount that reflects a predetermined percentage of the estate, even if the deceased spouse's will dictates otherwise.

This mechanism is in place to prevent situations where a spouse may be left with little or nothing due to a will that favors other beneficiaries or excludes the spouse entirely. In New Jersey, for instance, the elective share is typically set at one-third of the deceased spouse's estate, which provides a safety net for the surviving partner, acknowledging their contributions to the marriage and their need for financial security after the loss.

Understanding the elective share is essential for comprehending how estate planning and marital rights intersect, ensuring that surviving spouses cannot be entirely disinherited through estate planning instruments. The other options might touch on various aspects of inheritance or access to assets, but none encapsulate the specific protective purpose of the elective share like the correct answer does.