WHAT IS AN ELECTIVE SHARE AND HOW HAS IT CHANGED RECENTLY?
An elective share is the right of a married person to claim 30% of his or her spouse’s estate. The purpose of the elective share is to protect a spouse who has been left out of a Will. For example, if your spouse disinherited you and left you out of his Will, the elective share described in Florida Statutes, Section 732.3035 would allow you to claim 30% of the decedent’s probate estate. In addition, under recent changes in the law, the elective share also applies to jointly owned bank accounts and other property held in joint tenancy. Lastly, the 30% elective share applies to most properties held in trust. This is a new law and you should seek legal counsel if you feel that your spouse has left you out of his or her Will. You must assert your claim on time. In general, you are entitled to at least 30% of your spouse’s holdings at the time of their death even if the property is owned jointly with others or held in trust. 2. WHAT IS A CAVEAT? A caveat is a form filed in the probate court
