Introduction to the Florida Elective Share
The Florida Elective Share is a statutory right that allows a surviving spouse to claim a certain percentage of the deceased spouse's estate, regardless of the deceased spouse's will. This right is designed to protect the surviving spouse from being disinherited or receiving an inadequate inheritance.
The Florida Elective Share is calculated based on the length of the marriage and the size of the estate. The longer the marriage and the larger the estate, the greater the elective share. The elective share can include a wide range of assets, including real property, personal property, and financial assets.
Assets Included in the Florida Elective Share
The Florida Elective Share includes a broad range of assets, including real property, such as the family home, vacation homes, and investment properties. It also includes personal property, such as vehicles, jewelry, and artwork.
In addition to real and personal property, the elective share can also include financial assets, such as bank accounts, stocks, bonds, and retirement accounts. The elective share can also include business interests, such as partnerships and corporations.
Exclusions from the Florida Elective Share
Not all assets are included in the Florida Elective Share. Certain assets, such as property held in trust, are excluded from the elective share. Additionally, assets that are subject to a valid prenuptial or postnuptial agreement may also be excluded.
It's also important to note that the elective share only applies to assets that are part of the deceased spouse's probate estate. Assets that pass outside of probate, such as life insurance proceeds and retirement accounts, are not included in the elective share.
Calculating the Florida Elective Share
The Florida Elective Share is calculated based on the length of the marriage and the size of the estate. The longer the marriage and the larger the estate, the greater the elective share. The elective share is calculated as a percentage of the deceased spouse's estate, ranging from 30% to 50%.
The calculation of the elective share can be complex and requires the assistance of an experienced estate planning attorney. The attorney can help determine which assets are included in the elective share and calculate the correct percentage.
Conclusion
The Florida Elective Share is an important right that protects the surviving spouse from being disinherited or receiving an inadequate inheritance. It's essential to understand which assets are included in the elective share and how it's calculated.
If you're a surviving spouse or an estate planning attorney, it's crucial to seek the advice of an experienced estate planning attorney to ensure that the elective share is properly calculated and that the surviving spouse receives their rightful inheritance.
Frequently Asked Questions
What is the purpose of the Florida Elective Share?
The purpose of the Florida Elective Share is to protect the surviving spouse from being disinherited or receiving an inadequate inheritance.
How is the Florida Elective Share calculated?
The Florida Elective Share is calculated based on the length of the marriage and the size of the estate, ranging from 30% to 50% of the deceased spouse's estate.
What assets are included in the Florida Elective Share?
The Florida Elective Share includes real property, personal property, financial assets, and business interests.
Are there any exclusions from the Florida Elective Share?
Yes, certain assets, such as property held in trust and assets subject to a valid prenuptial or postnuptial agreement, are excluded from the elective share.
How does the Florida Elective Share affect estate planning?
The Florida Elective Share can significantly impact estate planning, as it can affect the distribution of assets and the rights of the surviving spouse.
Do I need an attorney to calculate the Florida Elective Share?
Yes, it's highly recommended to seek the advice of an experienced estate planning attorney to ensure that the elective share is properly calculated and that the surviving spouse receives their rightful inheritance.