Valuation of stock account for elective share

[pebbles00214]

What is the name of your state?What is the name of your state? Florida.
My question regards the elective share law in Florida and property that
is included in the elective share calculation but passes outside of probate.
My mother left a "transfer on death" stock account my brother and I. The surviving spouse is entitled to 30% of the value in his elective share. But how is the value of a stock account determined for the purposes of elective share when the account remains open and the value obviously fluctuates daily, weekly, monthly? Doesn't the account have to be closed and a final value determined before the elective share can be calculated? Thank you very, very much for all of your assistance.

 

[divgradcurl]

What is the name of your state?What is the name of your state? Florida.
My question regards the elective share law in Florida and property that
is included in the elective share calculation but passes outside of probate.
My mother left a "transfer on death" stock account my brother and I. The surviving spouse is entitled to 30% of the value in his elective share. But how is the value of a stock account determined for the purposes of elective share when the account remains open and the value obviously fluctuates daily, weekly, monthly? Doesn't the account have to be closed and a final value determined before the elective share can be calculated? Thank you very, very much for all of your assistance.

You can talk with a Florida probate lawyer to make sure, but almost certainly the stock account will be valued on the day your Mother died, and the elective share amount calculated from the value on that date.

 

[BlondiePB]

What is the name of your state?What is the name of your state? Florida.
My question regards the elective share law in Florida and property that
is included in the elective share calculation but passes outside of probate.
My mother left a "transfer on death" stock account my brother and I. The surviving spouse is entitled to 30% of the value in his elective share. But how is the value of a stock account determined for the purposes of elective share when the account remains open and the value obviously fluctuates daily, weekly, monthly? Doesn't the account have to be closed and a final value determined before the elective share can be calculated? Thank you very, very much for all of your assistance.

Why is this TOD account that names you and your brother as the beneficiaries becoming part of the elective share of the surviving spouse? Was the surviving spouse a Tenant In Common co-owner of the account? Yes, you are correct about the valuation. There will be a net loss or gain when the stock is transferred/cashed that needs to show up on the accounting report.

However, who knows how that will affect the elective share, if there even should be an elective share, when this all washes out should the surviving spouse want more than the entitlement based on a lower actual value rather than the valuation. Something is not correct (TOD) about this whole thing.

 

[pebbles00214]

More:Valuation of TOD stock account for elective share

BlondiePB:No, surviving spouse was not on the TOD stock account at all, in the name of our mother and TOD to my brother and I. But I understand that in Florida, there are assets that, while they do not pass thru probate, they are included in the elective share, such as TOD accounts. Is this incorrect?
Please advise and thanks very much.

 

[BlondiePB]

BlondiePB:No, surviving spouse was not on the TOD stock account at all, in the name of our mother and TOD to my brother and I. But I understand that in Florida, there are assets that, while they do not pass thru probate, they are included in the elective share, such as TOD accounts. Is this incorrect?
Please advise and thanks very much.

Please read the FL's probate statutes at link below under Estates and Trusts and call an attorney on Monday morning. There is too much info to post. You will also learn that valuation is calculated on the day of the person's death. However, changes in this will be on the accounting report.

www.flsenate.gov/statutes