When a person creates an estate plan in Florida, they want to ensure their property goes where they want it to go and their wishes are met. In some instances, their wishes conflict with what prospective heirs would have wanted or expected. This is not necessarily limited to siblings and extended family. It can be someone close such as a spouse.
The Sunshine State protects spouses from being completely disinherited through its elective share laws. Unless the person writing the estate plan – the testator – takes specific steps, the spouse cannot be left with nothing from the estate. Those who are concerned about their objectives being upended by this law should know their options.
Understanding elective shares and how to waive them
The elective share laws say that a surviving spouse receives a share of the estate regardless of what the will says. The goal is to make sure that the surviving spouse receives a portion of the estate. It is in place to promote fairness. Even the disinherited spouse can get 30% of the estate.
In these circumstances, the spouse entitled to elective shares must meet the deadline to claim it. They must do so within six months of learning of the filing of the will or after two years have passed from the testator’s death. When the law was put in effect, the primary justification was to shield women who were supported by their husbands. It might seem somewhat antiquated now since a large share of marriages are of the two-income variety. Still, the law remains in place.
However, the spouses can opt out of the elective share. This is a waiver of spousal rights. There are myriad reasons why a person could choose to leave a spouse out of their will. The relationship could have come apart or the spouse could have their own assets making the testator’s property unnecessary. They do not need to give a reason. A prenuptial or postnuptial agreement can supersede the elective share.
Understand the options when crafting an estate plan
Elective shares are just one area of estate planning that people might not be cognizant of. Since creating an estate plan is so vital and people are prone to making missteps that undermine their objectives, understanding every aspect is crucial. This can help them create a document that stands up to scrutiny. Having qualified and caring guidance is key.