In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. The Florida Statutes allows a partner to get one-third of a spouse’s optional estate.
A partner’s elective estate consists of 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 partner, you can file a composed petition to receive an elective share of your deceased spouse’s estate. Rather of what your spouse bequeathed you, you will rather get an elective share. You need to file your election within the statutory time limitations and may need to offer interested beneficiaries notification of your election within 20 days after you submit your petition. Usually, if you select the elective share, you should do so within 6 months of getting a notice of administration through service or within 2 years of a decedent’s death, whichever takes place. Before the 2001 statute was enacted, spouses usually had 4 months to submit their elections after first publication notice.
The Florida legislature produced the optional share statute to prevent spousal disinheritances. The Florida statute became efficient on Oct. 1, 2001, and all partners who died on that date or after that date could choose statutory shares entitling them to 30 percent of decedents’ estates. Pursuant to the Florida elective share statute, the worth of a spouse’s optional share is 30 percent of the decedent’s probate assets. The percentage is based on the estate’s fair market price of its total assets of property owned individually by the decedent after deducting probate and burial costs and after subtracting legitimate debts owed to lenders and outstanding liens or home mortgages.