Florida Spousal Elective Share

Here are a few things you should know about the Florida Spousal Elective Share if you pass away before your spouse, regardless of some planning you may have done.

  1. The elective share amount it 30% of the elective estate
  2. The elective estate includes:
  • The Probate estate (Assets that must pass through probate)
  • Joint accounts (even joint with people other than the spouse), Pay on Death accounts (even if the beneficiary is NOT the spouse), Totten Trusts
  • Property held in joint tenancy by the entireties
  • Life insurance (even if the spouse is not the listed beneficiary)
  • Pensions and retirement funds
  • transfers made within 1 year of death
  • Property passing directly to the spouse
  1. Elective share can be waived by written agreement
  2. Elective share can be barred under certain circumstances

Considering the above, it would be beneficial to have an experienced estate planning attorney look over your plan and discuss the best option to achieve your goals. The statute for the elective share can be found at Florida Statute Section 732.201-732.2155.

~Cristin Buell, Esquire 813-925-8083

http://www.thelegacylawfirmllc.com

Disclaimer: The content in this internet website is for informational purposes only and should not be construed as legal advice. Please contact an attorney for legal advice.

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