What Happens If Each Spouse Makes Their Own Estate Plan?

In Florida, spouses have the right to create their own separate estate plans. While this flexibility is beneficial, it can also lead to various legal and practical issues that couples should consider.

Florida is not a community property state, which means each spouse can decide how to distribute their individual assets. Each spouse can name different beneficiaries and specify how they want their property allocated in their wills or trusts. However, differing estate plans can lead to confusion and complications after one spouse passes away.

Potential Conflicts

When spouses have different estate plans, it can result in disputes among family members. If one spouse feels excluded or treated unfairly in the other’s estate plan, it may lead to legal challenges, creating tension and emotional stress for everyone involved.

Elective Share in Florida

Florida law includes protections for surviving spouses through the elective share statute. If a spouse is unhappy with their inheritance as outlined in their deceased partner’s estate plan, they can claim an elective share, which is typically 30% of the deceased spouse’s elective estate. This ensures that surviving spouses are not left without adequate financial support.

Ownership of Property

How property is titled affects how it passes upon death. For jointly-owned property with rights of survivorship, the surviving spouse automatically becomes the sole owner. However, assets owned solely by one spouse will be distributed according to that individual’s estate plan, which may not align with the other spouse's wishes.

Importance of Communication

To prevent misunderstandings and conflicts, it is crucial for spouses to discuss their estate plans openly. By working together, they can align their plans to reflect both partners' intentions and avoid any surprises for their family members later.

Given the complexities of estate planning in Florida, it’s wise for spouses to consult an experienced estate planning attorney. An attorney can clarify legal rights, assist in coordinating plans, and help minimize the risk of future disputes among beneficiaries.

Couples should regularly review and update their estate plans to reflect changes in their lives, such as the birth of children or changes in financial circumstances. Keeping plans current ensures they accurately represent the couple’s intentions and reduces the likelihood of conflicts.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.