Florida Elective Share
What is Florida Elective Share?
In an attempt to protect spouses from being disinherited, the Florida legislature passed a law allowing for an “Florida Elective Share” for widows and widowers who did not already have a pre-nuptial or post-nuptial agreement in place prior to their spouse’s death. Pursuant to Florida Statute §732.201, “[t]he surviving spouse of a person who dies domiciled in Florida has the right to a share of the elective estate of the decedent as provided in this part, to be designated the elective share.”
How much does the Florida Elective Share provide for?
Within certain time limitations, the surviving spouse is allowed to take 30% of the decedent’s estate in lieu of what the Will provides. Florida Statute §732.2035 defines exactly what property within the estate can be included in this elective share. Presumably, the widow(er) will choose this statutory option if it provides more property for her/him than the will otherwise dictates. The Florida elective share option can also be chosen by a surviving spouse who contests a will that contains a provision that anyone attempting to contest the will’s provisions will be barred from inheriting.
What about taxes when using the Florida Elective Share?
Surviving spouses are usually immune from estate taxation due to the surviving spouse marital deduction. However, if the widow(er) is not a U.S. citizen, then the deduction will not apply and without prior estate planning establishing a qualified domestic trust (QDT), the surviving spouse might face estate taxation on their elective share.
If you have comments or questions regarding how a probate lawyer at the Law Offices of Adrian Philip Thomas, P.A. might be of assistance in your particular circumstance, then please feel free to contact the firm’s office to schedule a free initial consultation with one of our attorneys.
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