Do you know what your elective share rights are in West Palm Beach? As a spouse in Florida you may be entitled to elect 30% of your spouses share rather than choosing to take what he or she left you.Do you know how long you have to elect your share? Did you know that you may have waived your right to an elective share? Check out these three things to know about elective share in West Palm Beach.
Time is of the Essence
- The clock is ticking when it comes to elective share so make sure you do not wait out the clock.
- You have six months after a notice of administration has been filed.
- What if no notice has been filed?
- You have two years from the date of a spouse’s death.
- Are you out of time to elect your West Palm Beach elective share?
Your Share is Waivable
- Did you know you can waive your right to an elective share in West Palm Beach?
- A valid prenuptial or ante nuptial (signed during / after marriage) agreement may act as a waiver of elective share rights.
- Did you know that if you enter into this before the marriage your spouse has no duty to disclose?
- What does that mean?
- It means that if you waived these rights after the marriage they had a duty to truthfully disclose their assets.
- The Palm Beach probate court wants to make sure you knew what you were waiving at least if you already had the rights via marriage.
- Does that distinction make sense to you?
How Much is Your Share (and How is it Calculated)?
- In Florida and West Palm Beach the elective share is 30% be careful it is not a third like many people say!
- The share is calculated based on the elective estate not the probate estate.
- Do you know the difference?
- Whose job is it to collect and account for that estate?
- Contact the personal representative if you have any questions.
Want to learn more about the elective estates?
Check out our entire FAQ video library to learn more today!