According to USA Today, Nascar’s beloved Betty Jane France died this past Monday, August 29 2016. Who was Betty Jane France? What did she do to shape Nascar to be what it is today? How much money is her estate worth? Who will inherit from her valuable estate? Did she have a spouse at the time of her death?
The Estate of Betty Lane France
- According to the USA Today article, and as many of you may know, Betty Lane France was “the wife of the late Bill France Jr. and mother of racing executives Brian France and Lesa France Kennedy.”
- She founded the NASCAR foundation, which grew into an extremely impactful charity.
- Media outlets report that her estate could be worth nearly $500 million.
- Who will inherit from her estate?
- Her husband, Bill France Jr., passed away in 2007.
- She was a widow at the time of her death.
- What does this mean?
- She died without a surviving spouse.
- Why is this important in Florida probate litigation?
- In Florida, surviving spouses have many rights.
- To read the entire article about Betty Jane France, click here.
Florida Surviving Spouse Rights
- In Florida, a surviving spouse may have rights to property of a deceased spouse.
- What does this mean?
- Probate litigators West Palm Beach know that this means there are statutory minimum benefits to ensure that surviving family members are provided for, regardless of the decedent’s intent. In re Estate of Magee, 988 So.2d 1, 5-6 & n.3 (Fla.2d DCA 2007).
- What are these benefits?
- Your trust and estates attorney will tell you that Homestead, elective share, and family allowances are three of the main rights of surving spouses in Florida.
- What if I made a deal with my spouse and waived my right to receive a statutory benefit?
- What if I waived my right to homestead in a prenuptial agreement?
- According to prior Florida court opinions, if your right to receive the benefit was properly waived in a marital agreement, you may be out of luck.
- However, you should speak to an estate litigator who can evaluate your specific case.