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Florida’s Elective Share Statute

Florida’s Elective Share Statute

By administrator 0 Comment September 26, 2019

In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. The Florida Statutes permits a spouse to receive one-third of a partner’s elective estate.

A spouse’s elective estate includes 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 spouse, you can file a written petition to receive an elective share of your deceased partner’s estate. Rather of what your spouse bestowed you, you will instead receive an elective share. You need to submit your election within the statutory time frame and may have to offer interested recipients notice of your election within 20 days after you submit your petition. Typically, if you choose the elective share, you should do so within six months of getting 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, partners typically had 4 months to submit their elections after very first publication notification.

The Florida legislature produced the elective share statute to prevent spousal disinheritances. The Florida statute ended up being effective on Oct. 1, 2001, and all partners who passed away on that date or after that date could elect statutory shares entitling them to 30 percent of decedents’ estates. Pursuant to the Florida optional share statute, the worth of a partner’s elective share is 30 percent of the decedent’s probate properties. The portion is based on the estate’s fair market worth of its overall properties of property owned individually by the decedent after deducting probate and burial expenses and after subtracting legitimate financial obligations owed to financial institutions and exceptional liens or mortgages.