Posted in Asset Protection,Probate & Trust Administration,Wills, Trusts & Estate Planning

Florida law requires the establishment of a guardianship for the person or property of a minor under certain circumstances. 

Person: A guardian of the person of the minor may be required when the minor’s natural guardians are unavailable or unable to serve as the custodian of the child (i.e., due to death, disability, or incarceration, etc.) and no appropriate alternative exists.

Property: The guardianship of the property of a minor is required whenever a net settlement or judgment to a minor exceeds $15,000 or whenever any amount is awarded as a result of a wrongful death action.  As it relates to estate planning, a guardianship of the property of a minor may be required where the minor is the beneficiary of more than $15,000 and the natural guardian does not have the authority to receive the inheritance (as a result of death or otherwise).

Guardianships are monitored by the court system and can be very costly to administer, as well as time consuming.  Before commencing a guardianship, contact our office to see if alternatives to guardianship exist, or to perform advance planning to avoid a future guardianship.