Understanding Florida’s Elective Share Law in Estate Planning

Florida’s Elective Share Law plays a crucial role in estate planning, particularly in protecting the rights of a surviving spouse. Under this law, a surviving spouse is entitled to claim a percentage of the deceased spouse's estate, regardless of what is outlined in the will. Understanding the intricacies of this law is essential for both individuals creating their estate plans and practitioners navigating Florida’s legal landscape.

The Elective Share Law, established under Florida Statutes Section 732.201-732.215, allows a surviving spouse to receive up to 30% of the elective estate. This estate encompasses a broad range of assets, including property held individually by the decedent and certain jointly held properties. This law ensures that a spouse is not left without financial support after the death of their partner, irrespective of any potentially disinheritance provisions that may exist within the will.

To claim the elective share, a surviving spouse must file a petition in the probate court within six months of the decedent's death. It is essential for individuals to be aware of this timeline, as missing the deadline forfeits the right to make a claim. A proper understanding of the timing and legal requirements is crucial for ensuring that the surviving spouse receives their entitled share.

Notably, certain assets are excluded from the elective estate. For example, assets held in trust, life insurance policies, and retirement accounts with designated beneficiaries typically do not count towards the elective share. Consequently, estate planning strategies should consider these exclusions, as well as any potential tax implications that may arise during the division of assets.

Moreover, the Elective Share Law can intersect with other estate planning tools, such as prenuptial agreements. Couples entering marriage in Florida can establish agreements that waive the elective share rights or modify them. However, these agreements must be clear, voluntary, and signed before the marriage to be enforceable.

For those engaged in estate planning, it is advisable to consult with an experienced attorney familiar with Florida law. A knowledgeable attorney can help navigate the complex landscape of estate planning and ensure that both spouses' rights and wishes are respected while also complying with legal requirements.

In conclusion, understanding Florida’s Elective Share Law is vital for effective estate planning. This law not only protects surviving spouses but also influences how individuals may structure their wills and estate plans. By being informed and proactive, couples can better prepare for the future and ensure that their legacy is managed according to their wishes.