In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. Pursuant to Section 732.201, Florida law permits married spouses to get optional shares of probate property. Partners can not disinherit one another from receiving at least some of their estate assets. The Florida Statutes allows a spouse to get one-third of a partner’s elective estate.
A partner’s optional estate consists of payable on death accounts, trust property, transfer on death accounts and certain property moved within one year of the decedent’s death.
As a disinherited spouse, you can file a written petition to receive an elective share of your deceased spouse’s estate. Instead of what your spouse bestowed you, you will instead get an elective share. You must submit your election within the statutory time limits and might need to offer interested recipients notification of your election within 20 days after you file your petition. Generally, if you pick the elective share, you should do so within 6 months of receiving a notice of administration through service or within two years of a decedent’s death, whichever happens initially. Before the 2001 statute was enacted, partners generally had 4 months to submit their elections after first publication notice.
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 passed away on that date or after that date could elect statutory shares entitling them to 30 percent of decedents’ estates. Pursuant to the Florida elective share statute, the worth of a spouse’s elective share is 30 percent of the decedent’s probate assets. The percentage is based on the estate’s fair market price of its overall assets of property owned separately by the decedent after deducting probate and burial expenses and after subtracting legitimate debts owed to financial institutions and outstanding liens or home mortgages.