Florida Elective Share Calculation
When a spouse in Florida passes away, their surviving spouse may be entitled to an elective share of the deceased spouse’s estate. The elective share is a statutory provision that ensures the surviving spouse receives a portion of the deceased spouse’s estate, regardless of the terms of the deceased spouse’s will. In Florida, the elective share amount is calculated based on the length of the marriage and the value of the deceased spouse’s estate.
How is the Elective Share Calculated?
In Florida, the elective share is calculated as follows:
- If the marriage lasted less than 1 year, the elective share is 0% of the deceased spouse’s estate.
- If the marriage lasted 1 year but less than 5 years, the elective share is 15%.
- If the marriage lasted 5 years but less than 15 years, the elective share is 30%.
- If the marriage lasted 15 years or more, the elective share is 50%.
The elective share is calculated based on the value of the deceased spouse’s probate estate, which includes assets such as real estate, bank accounts, and personal property. It does not include assets that pass outside of probate, such as assets held in a trust or assets with a designated beneficiary.
Example Calculation
For example, if a spouse in Florida passes away after a 10-year marriage with a probate estate valued at $500,000, the surviving spouse would be entitled to an elective share of 30%, or $150,000. This amount would be paid to the surviving spouse before any distributions are made to other beneficiaries named in the deceased spouse’s will.
Challenging the Elective Share
It is possible for the surviving spouse or other interested parties to challenge the calculation of the elective share. Common reasons for challenging the elective share calculation include disputes over the value of the probate estate or questions about the length of the marriage. If a challenge is successful, the elective share amount may be adjusted accordingly.
Seeking Legal Assistance
Calculating the elective share in Florida can be a complex process, especially if there are disputes or questions about the deceased spouse’s estate. It is important for surviving spouses and other interested parties to seek legal assistance from an experienced estate planning attorney to ensure their rights are protected and that the elective share is calculated accurately.
An attorney can provide guidance on the elective share calculation process, help resolve disputes, and ensure that the surviving spouse receives the appropriate share of the deceased spouse’s estate. By working with a knowledgeable attorney, surviving spouses can navigate the elective share process with confidence and peace of mind.
