In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. Pursuant to Section 732.201, Florida law enables married spouses to receive elective shares of probate property. Partners can not disinherit one another from getting at least some of their estate assets. The Florida Statutes allows 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 particular property moved within one year of the decedent’s death.
As a disinherited spouse, you can submit a composed petition to receive an optional share of your departed partner’s estate. Rather of what your spouse bequeathed you, you will instead receive an elective share. You need to submit your election within the statutory time frame and may need to provide interested recipients notification of your election within 20 days after you file your petition. Typically, if you select the elective share, you must do so within six months of receiving a notice of administration through service or within two years of a decedent’s death, whichever happens. Prior to the 2001 statute was enacted, spouses generally had four months to submit their elections after first publication notification.
The Florida legislature produced the optional share statute to avoid spousal disinheritances. The Florida statute ended up being effective on Oct. 1, 2001, and all partners who died on that date or after that date might elect statutory shares entitling them to 30 percent of decedents’ estates. Pursuant to the Florida optional share statute, the worth of a partner’s optional share is 30 percent of the decedent’s probate assets. The percentage is based on the estate’s fair market value of its overall possessions of property owned separately by the decedent after deducting probate and burial costs and after subtracting legitimate financial obligations owed to financial institutions and exceptional liens or home mortgages.