Understanding Florida’s Right of Election in Estate Planning

Florida’s Right of Election is a crucial concept in estate planning that ensures a surviving spouse can claim a portion of the deceased spouse’s estate, even if they are left out of the will. Understanding this right is essential for couples and individuals creating or modifying their estate plans.

The Right of Election in Florida is governed by state law, specifically in accordance with Florida Statutes Chapter 732. This statute ensures that a spouse cannot be completely disinherited and has the legal right to a predetermined share of the estate. This right becomes particularly important when the deceased spouse has attempted to leave the majority of their assets to others.

In Florida, the elective share is typically 30% of the total value of the decedent's estate. This includes certain assets that are non-probate and may not necessarily be included in the will. These can include jointly held properties and accounts, certain trusts, and more. Understanding what constitutes the estate is essential in evaluating the elective share a spouse may claim.

For a spouse to claim the Right of Election, they must file a formal election with the court, often within a limited time frame following the decedent's passing. In Florida, this period is usually within six months of the date of the spouse’s death or the date of the adjudication of the will. If the election is not made within this window, the right may be forfeited.

It’s important for couples to openly communicate about their estate planning decisions and to consult with a knowledgeable attorney to navigate Florida's estate laws effectively. Couples may also consider utilizing prenuptial or postnuptial agreements to clarify their intentions regarding inheritance and the Right of Election.

Moreover, estate planning that accounts for the Right of Election may involve various strategies to ensure that both spouses' interests are protected. Techniques might include the use of revocable living trusts, which can control how assets are distributed, while still adhering to the elective share requirements.

In conclusion, understanding Florida’s Right of Election is vital for anyone engaged in estate planning. Recognizing how this right interacts with wills and estate distribution can help ensure that your wishes are respected while providing necessary protections for a surviving spouse.