Elective Share Law in Florida
Florida elective share law states that a surviving spouse has the right to receive a share of his or her spouse’s estate. Unless there is a valid waiver of the elective share, the surviving spouse will be entitled to receive 30% of the deceased spouse’s estate. The surviving spouse can opt to take this elective share regardless of whether the decedent’s will or other testamentary arrangement allows for it. Certain factors, like children or the length of time a couple has been married, may impact the surviving spouse’s elective share.
Additionally, some assets may be exempt from becoming part of the share, so if you plan to exercise your right to an elective share, it is important to work with an attorney to know your rights so you can truly understand the full value of your estate.
Our Attorneys Know Florida Elective Share Laws
Elective share is important because it ensures that the spouse of a deceased person can accurately survive and does not immediately lose all assets with the death of their loved one. Without elective share, individuals could knowingly or unknowingly give away all their assets to listed beneficiaries, leaving their spouse with nothing after death.
The attorneys at our Vero Beach firm have extensive knowledge of Florida elective share and estate tax laws, and can, in turn, assist our clients in navigating complex computations. Additionally, our attorneys will work with the courts to determine the nature and extent of the assets entering into the share computation and can help ensure that clients meet any strict timeline requirements for perfecting a claim for an elective share.
Failure to meet these timelines can effectively result in forfeiture of the entirety of the share, so working with an attorney to ensure this does not happen is essential to making sure you are left with nothing.
If you need help understanding or executing your rights with regard to elective share, contact GCF to learn how we can help you. We have significant experience in all areas of wills and trusts and can help you make informed decisions as to your personal financial future.