In estate planning, what is the significance of the "right of election"?

The significance of the "right of election" primarily revolves around its role in protecting a surviving spouse's financial interests in the face of potentially unfavorable provisions outlined in a deceased spouse's will. Specifically, this right allows the surviving spouse to elect to receive a statutorily defined share of the estate, which is typically a certain percentage, regardless of the will's terms. This mechanism serves to ensure that the surviving spouse is not completely disinherited and has a minimum guaranteed inheritance.

This right is particularly relevant in contexts where the decedent may have sought to leave the surviving spouse a smaller portion than what is legally mandated by state law. The ability to claim this share ensures that the surviving spouse retains some economic security after the death of their partner.

The other options do not accurately represent the function of the right of election. Contesting a will's validity or altering its terms is not the focus of this right, nor does it impose restrictions on a spouse claiming an estate share. The right of election serves as a protective measure, empowering the surviving spouse rather than limiting their rights.