By far the most significant change is in respect to the Elective Share statute.  The new statute takes effect for decedent's passing away after October 1, 2001.  Under prior law, a surviving spouse could elect to take and elective share equal to 30% of the probate estate assets in lieu of any provision under the deceased spouse's will.  However, the right of election only applied to the probate estate assets.  Thus, it was easy to circumvent.  For instance, a person could simply place their assets in a revocable trust (as many here in Florida do) and their spouse could be disinherited entirely.  Likewise, assets passing outside of the probate estate, such as life insurance proceeds, joint accounts or in trust for accounts, were excluded from the surviving spouse's elective share.  This has all changed and the new law protects surviving spouse's from being disinherited.  All assets which a decedent owned or transferred with retained rights are subject to the elective share, including assets transferred to a revocable (and in some cases irrevocable) trust, annuities, "pay on death" accounts, the cash surrender value of life insurance, retirement accounts and transfers within one year of death.  There are numerous rules for valuing the elective estate and in connection with satisfaction of the elective share, too numerous to set forth here.

Family Allowance, that is support payable to a spouse or lineal heir, is increased from $6,000 to $18,000.

Summary Administration - is expanded from a total of value in assets of maximum of $25,000 to $75,000.  This allows for an expedited probate administration of "small" estates.  However, the beneficiaries are liable for creditors of the decedent up to the amount they receive, and they must still do a diligent search to locate creditors.

A new statute prohibits trustees of trusts which are being contested from making any distributions until the validity of the trust is determined.

There is an expansion of the items that can be charged against a revocable trust after the grantor/settlor passes away to include all obligations of a decedent's estate, including funeral expenses, taxes, family allowances, costs of administration and claims.

There is clarification concerning homestead (that is, real property which served as a decedent's domicile at the time of death) which technically does not pass under the probate estate.  A personal representative is now permitted by statute to protect and preserve the homestead property until it is able to pass to the ultimate heir.  The personal representative may be entitled to an extraordinary fee for these services.

These are just a sampling of the recent statutory changes.  For more information or to review your specific needs, please contact us.