A guardianship and trust are commonly used form of Last Will and Testament in most wills that are prepared by the minor minors in question. Unlike a standard will, however, a guardianship and trust grant you the right to control your minor child’s assets without having to provide any funds to a judge or other appointing authority. In addition, unlike standard wills, guardianship and trust require that your minor child be legally bankrupt or under the age of eighteen when the trust is created. It also requires that your minor child is claimed as a beneficiary under a valid living trust during the time of your minor child’s guardianship. This means that if you die before your minor child reaches the legal age of majority, the assets owned by the trust must pass through your estate and be distributed according to the instructions contained within the trust document.
Generally speaking, once someone passes away, their assets will pass into the hands of their surviving spouse or other relative. However, some people choose not to distribute their deceased estate because they believe that they may not have the mental capacity to do so. The proper way to address this concern is with the help of a qualified probate lawyer. The court will appoint an estate lawyer to conduct a guardianship investigation prior to your death and to prepare the necessary documents to place before a judge at your request. This is a very important step because the court needs to be absolutely certain that a trust of this type is beneficial and necessary for your minor child.
Probate court is a part of the local court system in most states and is similar to civil court. Pro Probate is different in that instead of being a court case, it is a process whereby a legal representative of the deceased person’s estate makes all of the decisions on the deceased person’s behalf. An experienced probate attorney will know when to make requests for additional documentation, will work with the court system to get property distribution guidelines changed and will even seek the assistance of an experienced estate planner during the process to minimize the chances of further complications. It is important that everyone remain aware of the court’s probate procedures and that everyone follow the rules and regulations pertaining to the estate.
There are a few important things to remember before beginning the guardianship process. First and foremost, the trust should be established in the name of a person who is legally capable of making these decisions. It can be a close friend or a member of the family. Second, all of the paperwork and process must be completed as quickly as possible, preferably prior to the death of the decedent to prevent further issues with the IRS and to minimize any litigation from family, friends or creditors.
A will is the most common example of setting up a trust. Wills are a legal document that is used to designate specific parties (usually the surviving spouse and/or children) as agents on behalf of another. In the case of a will, an attorney who is both a trustee and a will officer will handle the process. There are also state-specific forms that can be utilized in creating the will. Once the will has been executed, the court will then review it and either approve or disapprove of it, at which point the executor (person who will administer the estate) must apply to the court for a certificate of administration.
Applying for a certificate of administration will require some information such as the Social Security number, date of birth, age and race of the person applying for guardianship and trust. You must also provide information regarding your estate, which includes the names of all of your surviving dependents and the value of your estate. Information regarding any previous bankruptcies, lawsuits and liens should also be provided. Your application may be rejected if you do not have all of the necessary documents needed, but if your Florida Probate Court records are current and up to date, the chances of your request being approved are high, said an estate and planning attorney.