Did your ex-spouse leave you less than you expected? How the Florida Elective Share can help. (Florida Probate Code § 732.201) inShare

The Florida Elective Share is a rule in the Florida Probate Code which provides that a surviving spouse may receive a fair share of their decedent’s estate.  This may be in direct conflict with the will, but the Elective Share rule will trump any will provision prepared by the decedent.  

So, Can the Florida Elective Share rule benefit you?  The answer typically depends onwhat was left to you in the will.  In general, the Florida elective share provides that the surviving spouse is to receive no less than 30% of the decedent’s “Elective Estate”.

The “elective estate” in Florida is different than the decedent’s probate estate in that it includes:

• Estate gifts within the last year before death.
• “Pay on death accounts“.
• Jointly-titled assets.
• Assets in a revocable trust.
• Retirement accounts.
• Annuities.
• And, of course, the entire probate estate.

Palm Beach probate litigation attorneys know that, in order for the surviving spouse to opt for the elective share, he or she generally has to file a “Notice of Election” with the Florida Probate Court.  This must be done either within 6 months from receipt of the Notice of Administration from the Estate, or two years from the date of death, whichever comes first.  Making the right choice here will depend on a lot of factors, including an accurate inventory and accounting of the elective estate, and any possible waiver of the elective share between the surviving spouse and the decedent.

See http://www.pankauskilawfirm.com/ for videos and information on Wills in Florida, Florida Trust Law, Estate Planning, and Estate Administration in Florida.