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 partners to receive optional shares of probate property. Partners can not disinherit one another from getting at least some of their estate assets. The Florida Statutes permits a partner to receive one-third of a partner’s elective estate.
A spouse’s elective estate consists of payable on death accounts, trust property, transfer on death accounts and specific property transferred within one year of the decedent’s death.
As a disinherited spouse, you can file a written petition to receive an optional share of your departed spouse’s estate. Instead of what your partner bestowed you, you will instead get an optional share. You must file your election within the statutory time limitations and might need to provide interested recipients notification of your election within 20 days after you file your petition. Normally, if you select the elective share, you must do so within 6 months of receiving a notice of administration through service or within two years of a decedent’s death, whichever takes place. Before the 2001 statute was enacted, spouses generally had four months to submit their elections after very first publication notice.
The Florida legislature created the optional share statute to avoid spousal disinheritances. The Florida statute became reliable 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 optional share statute, the worth of a partner’s optional share is 30 percent of the decedent’s probate assets. The percentage is based upon the estate’s reasonable market price of its overall possessions of property owned individually by the decedent after subtracting probate and burial expenses and after deducting genuine financial obligations owed to financial institutions and outstanding liens or mortgages.