Four Important Changes That Could Affect Your Estate Plan
1. The New Elective Share. A surviving spouse of a person who dies domiciled in Florida has the right to 30% of the decedent spouse’s elective estate.
The elective estate includes: the decedent’s probate estate, revocable trust estate, ownership interest in accounts or securities registered in “Pay On Death (POD)” “Transfer On Death (TOD),” “In Trust For (ITF),” joint accounts with right of survivorship, and more. The old elective share law only applied to the decedent’s probate estate.
Typically in second marriages, spouses want to pass their assets to the children of the first marriage. Prior to the “New Elective Share” if a spouse was successful in avoiding a probate administration at his or her [..]