Florida’s elective share law is a crucial aspect of estate planning that many couples overlook. This important provision safeguards your financial interests as a surviving spouse, guaranteeing you receive a fair portion of your deceased partner’s estate. Let us explore why this law matters to you and how it works.
What is the elective share?
The elective share is your legal right to claim a portion of your deceased spouse’s estate, regardless of what their will states. In Florida, this share amounts to 30% of the elective estate, which includes most assets your late partner owns at the time of their death.
How does it protect your rights?
This law protects you from complete disinheritance, offering a safety net if your partner’s will unfairly excludes you. It recognizes both spouses’ contributions to the marriage and helps secure a level of financial stability for you as the survivor.
When might you need it?
The elective share becomes relevant if you are dissatisfied with your inheritance. You can choose to accept your inheritance as specified in the will or opt for the elective share instead. Remember, you must make this decision within six months after service of the notice of administration.
Challenges you might face
Calculating the elective share can be complex, as it involves assessing various assets and potential exemptions. If you are in a blended family or second marriage, matters can become even more complicated, potentially leading to conflicts between you and other beneficiaries.
If you are dealing with matters involving the elective share, it is wise to consult with an experienced Florida estate planning attorney. They can help protect your rights and guide you through all legal requirements.