Do you plan on leaving a substantial inheritance to a minor in West Palm Beach? You may want to consider setting up a trustbecause otherwise you will want to proceed through with a guardianship. Do you understand the difference between these two unique solutions to protecting your inheritance in West Palm Beach?
Trusts
- Trusts are one of the most flexible probate documents you can get.
- There are trusts that manage real estate, trusts that substitute as wills and even trusts that eliminate the need for a guardian in West Palm Beach.
- A trust is a fiduciary relationship between a trustee and beneficiary that is set up by asettlor or donor.
- The settlor/ donor puts money in trust with the trustee who takes care of the property for the benefit of the beneficiary.
- Failure to follow the terms of the trust document will result in a breach of fiduciary duty that could end up in a probate lawsuit in West Palm Beach.
- Leaving a child a bulk inheritance is frankly not a very good idea, for a number of reasons.
- One such reason is you will also need to set up a guardianship under the Uniform Transfers to Minors Act.
- These set ups require supervision of the West Palm Beach probate court.
- On the other hand a trust is administered by a trustee and does not become the court’s problem until someone files a lawsuit.
- Which of these is cheaper?
- It depends on a lot of factors that should be discussed in a consultation with a West Palm Beach probate attorney.
- The other option besides a trust is to go through guardianship channels.
- This is often not as much a choice as a necessity as people leave money to minors without thinking it through.
Guardianship of Minors
- Often times you write a will when the kids are very little and assume they will be grown by the time of inheritance.
- That is not always the case.
- If you leave a large inheritance to a minor and it is not in a trust it may be subject to Florida’s guardianship regime.
- Do you know what that means?
- The West Palm Beach probate court will appoint a guardian ad litem to oversee the inheritance for the benefit of the child.
- You may or may not have a say in who that guardian is, for more information talk to a probate attorney.
- This begs the question though why did you not just set up the inheritance in the form of a trust to begin with?
- You could have made it so that the trust can be terminated at the adult child’s choice, and if they are still children at the time they take subject to the trust.
- If this all sounds confusing it is because, well, it is.
- But these are the issues you want to discuss before it is time to deal with them so that you can deal with them properly.
- When in doubt, talk to an experienced Palm Beach probate litigator.
Want to see short, concise, free online videos about Florida Trust & Probate from a private Florida trust video library in the cloud?
Are You Interested in Viewing Free Florida Trust, Probate & Estate Videos?
- Finally, do you want to see free Florida trust, Probate videos, which include important topics of Florida estate, guardianship, attorneys fees, & trust law videos from a private, Florida estate & trust video library?
- There is no cost, no sign up, no one will ask you for your email address to see these dozens of free Florida probate videos at this online Palm Beach estate & trust video library.
- Watch short, concise Florida probate videos for free here at this link:http://www.pankauskilawfirm.com/Firm-Overview/FAQS.shtml