Were you disinherited in a spouse’s will in West Palm Beach? Did you know that you still have a right tothirty percent of the elective estate, which may be (likely is) larger than the probate estate? What is the difference between these two estates and how can you get your money?
Elective Shares
- In Florida, pursuant to statute a spouse in West Palm Beach who is disinherited through a will or codicil may petition the court for an elective share.
- This “election” is that you will take thirty percent of the statutory (elective) estate in lieu of what was given to you through will or other testamentary instrument.
- The elective share is thirty percent not one-third like in some States.
- How do you know how much that is?
Calculating the Elective Share
- Your elective share is not the same as the probate estate.
- Why is that?
- The Florida legislature was always concerned about disinheriting spouses but simply allowing an election of a probate estate may be frustrated.
- In other words what happens if a spouse leaves everything in trusts, the probate estate of a millionaire could be next to nothing!
- Using some foresight the Florida legislature decided to include in the elective share the assets in revocable trusts, and even some irrevocable trusts.
- Also included are any POD or TOD accounts.
- Finally life insurance policies may be included in the elective estate.
- So how can you get that money?
Electing the Share
- You will not automatically get an elective share just because your probate allowance is less.
- You will have to petition the West Palm Beach court for the share.
- How long do you have?
- You can ask for your elective share within ninety days of being served with the notice of administration or two years of the death of a spouse whichever comes sooner.
- Also note that your family allowances are not going to count towards the thirty percent!