Florida’s Elective Share Statute
In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. Pursuant to Section 732.201, Florida law enables married spouses to receive elective shares of probate property. Spouses can not disinherit one another from receiving at least some of their estate assets. The Florida Statutes permits a partner to get one-third of a spouse’s elective estate.
A spouse’s elective estate consists of payable on death accounts, trust property, transfer on death accounts and particular property transferred within one year of the decedent’s death.
As a disinherited spouse, you can file a written petition to receive an optional share of your departed spouse’s estate. Rather of what your partner bequeathed you, you will instead get an elective share. You need to submit your election within the statutory time frame and may need to provide interested recipients notice of your election within 20 days after you submit your petition. Usually, if you select the elective share, you need to do so within 6 months of getting a notification of administration through service or within two years of a decedent’s death, whichever takes place. Before the 2001 statute was enacted, spouses generally had 4 months to file their elections after very first publication notification.
The Florida legislature created the elective share statute to prevent spousal disinheritances. The Florida statute ended up being effective on Oct. 1, 2001, and all spouses who passed away on that date or after that date could elect statutory shares entitling them to 30 percent of decedents’ estates. Pursuant to the Florida elective share statute, the worth of a partner’s optional share is 30 percent of the decedent’s probate properties. The portion is based on the estate’s fair market worth of its overall assets of property owned separately by the decedent after deducting probate and burial expenses and after deducting legitimate debts owed to creditors and impressive liens or home loans.