What happens if a beneficiary is underage?

When a minor child inherits assets in Florida, their parent or guardian does not have the authority to settle, collect, receive, or manage real or personal property if the total assets exceed $15,000.  If the assets inherited exceed this amount, the court can appoint a Guardian Ad Litem who is responsible for managing the probate process and inheritance for the child.  This guardianship can cost time and money as the guardian must petition the court each year for distributions of assets.

To avoid the cost of an unknown guardian helping a minor to manage inherited assets, assets can be passed for the benefit of a minor using a trust.  A known trustee can then be designated to distribute assets to the minor child or for the minor’s benefit in accordance with the trust provisions.  For example, it could be specified that trust assets are to be used to fund the child’s education.

For estate planning services or to set up a trust to ensure your assets are passed to beneficiaries in the way that you desire, call one of our experienced estate planning attorneys at (941) 906-1231.