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If you have relative who is a child under the age of 18, and the child is about to receive more than $15,000.00 in property, then unless the money is held pursuant to the Florida Uniform Transfers to Minors Act, a guardian of the property will have to be appointed.

When you have a minor child who is going to receive personal property in excess of $15,000.00 as a result of net settlement including a settlement under the wrongful death act, then it will be necessary to establish a guardianship.  Furthermore, while it is not always necessary to establish a guardianship for the property of a minor when the minor is entitled to receive assets from a will or trust, establishing a guardianship for the property of a minor is a good way to ensure that the minor’s money is not wasted or misappropriated.  

Most of the time a parent of the minor child will be selected as the minor’s guardian of the property.  However, a parent may not be qualified and it may be appropriate to have a professional guardian appointed.  The guardianship of the property of a minor is commenced the same way a guardianship of an adult is commenced except there is no determination of incapacity.  Thus, a petition for the appointment of the guardian of the property must be filed along with an application to be appointed guardian and an oath.   Furthermore, notice must be served on any parent who has not joined in the petition.  Once the court appoints a guardian of the property of a minor, then the guardian must either obtain a bond or designate a depository where the minor’s assets will be held.  Most of the time money is may not be removed from a depository account unless the guardian has obtained a court order.  Contact Matthew A. Linde, P.A. today for more information. 

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Frequent Questions for Guardianship of Property for Minor Child:

• We have a minor child who is going to receive $50,000.00 from his great grandmother’s trust.  We have heard that there are other options to setting up a guardianship of the property for our minor child.  What are the other options?

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