Series: Part 2 — Moving from Ohio to Florida? Three Important Considerations for Your Primary Residence
Moving from Ohio to Florida? While the warmer state might be an attractive option for those looking to escape the Ohio cold, it is important to understand the implications such a move might have on your estate. In Part 2 of a three part series, our Estate Planning, Trust & Probate Partner Jessa Gary lays out what you need to be mindful of when moving to the orange state.
The move south may also yield a few unexpected differences when it comes to estate planning and taxes. In today’s article, I examine some key differences between the two states regarding the probate process.
No. 1: Florida favors spouses more than Ohio in the probate process. For example, if you are a surviving spouse going through probate in Florida and either the deceased spouse did not provide for you in his/her will or did not have a will, you can receive not only a percentage of those assets being probated but may also receive a percentage of assets outside of probate, such as 401ks, IRAs and other financial instruments that have a beneficiary or are held in trust. The surviving spouse can receive a percentage of those assets even if they weren’t left to them. In Ohio, a surviving spouse that is left out of a will or is not satisfied with the amount they were left under the will is only entitled to a percentage of the assets going through probate.
No. 2: Florida has more stringent rules for disinheriting your spouse. In Ohio, a spouse can disinherit their spouse even while married. Florida provides much greater protections, permitting a surviving spouse to live in and/or own their primary residence unless they previously signed a waiver. Even if a deceased spouse had removed the surviving spouse as a beneficiary under estate planning documents and recipient of assets, Florida law allows the spouse to claim a 30% elective share on the deceased spouse’s augmented estate, including probate and non-probate assets.
No. 3: In Florida, it’s generally easier to navigate the probate process. The Sunshine State has fewer types of probate to choose from than Ohio, making it easier for surviving spouses to determine which avenue to proceed down. For example, Florida has a probate process known as a distribution of personal property, which allows a surviving spouse to receive nominal personal property, like a vehicle, and to be reimbursed for funeral expenses. The surviving spouse only needs to fill out a few simple forms in Florida.