Miami, Florida Elective Share Attorneys
Elective shares derive from English common law and were originally intended to provide a measure of financial protection for widows and children in the event of the death of a family's primary breadwinner. Now, they are intended to ensure surviving spouses are treated more in accord with spouses going through a divorce. Toward that end, an elective share allows a surviving spouse to receive up to 30% of a decedent's estate if he or she is dissatisfied with his or her inheritance from a deceased spouse's will. This means if your spouse disinherited you or left you very little in his or her will, you can elect to receive 30% of the estate in question — even if your spouse attempted to transfer all of his or her wealth to a trust. In the state of Florida, this includes funds from property owned by your deceased spouse, assets from a revocable trust, funds from pay on death accounts, and any property given away within a year of death.
The formula used to calculate an elective share can be quite complicated. Additionally, depending on the decedent's estate plan, certain funds may be exempt from an elective share. At Barreto & Romero, P.A., our estate planning attorneys can evaluate your situation and determine if an elective share makes sense for you. For more information regarding elective shares and how we can help you, contact estate planning lawyers at Barreto & Romero, P.A. today.
Filing for an Elective Share
Currently in the state of Florida, a surviving spouse has 6 months from the time they receive notice of administration from an estate's executor. If you stand to receive less under the terms of a will than you would under an elective share, you can elect to receive 30% of the estate's assets. Once you make an elective share of the estate, the estate's representative is required to file an elective estate inventory with the court.
Calculating an Elective Share
It's not uncommon to include assets over and above those considered during probate when calculating an elective share. Referred to as the "augmented estate," these additional assets are intended to prevent a decedent from essentially disinheriting a surviving spouse through gifting or the creation of trusts. Alternatively, using the augmented estate also prevents a surviving spouse from taking more than he or she should when a large amount of assets have already been transferred to the surviving spouse. These calculations can be complicated since they involve the value of the probate estate, gifts, joint bank accounts, life insurance policies, and other assets.
Contact Elective Share Attorneys at Barreto & Romero, P.A. Today
For more information regarding elective shares and how we can help you, contact contested will attorneys at the law office of Barreto & Romero, P.A. today to schedule a free consultation.
