Florida’s Elective Share Statute

In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. Pursuant to Area 732.201, Florida law enables married spouses to receive elective shares of probate property. As such, spouses can not disinherit one another from receiving at least some of their estate assets. The Florida Statutes permits a spouse to get one-third of a partner’s elective estate.

A partner’s elective estate consists of payable on death accounts, trust property, transfer on death accounts and specific property moved within one year of the decedent’s death.
As a disinherited partner, you can file a composed petition to receive an optional share of your deceased partner’s estate. Rather of what your partner bequeathed you, you will instead get an optional share. You need to file your election within the statutory time frame and may need to supply interested recipients notification of your election within 20 days after you submit your petition. Usually, if you pick the optional share, you should do so within six months of receiving a notice of administration through service or within two years of a decedent’s death, whichever takes place first. Before the 2001 statute was enacted, spouses usually had four months to submit their elections after first publication notice.

The Florida legislature created the optional share statute to avoid 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 might 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 possessions. The portion is based on the estate’s reasonable market value of its total properties of property owned separately by the decedent after deducting probate and burial costs and after deducting genuine financial obligations owed to lenders and exceptional liens or mortgages.