Avoiding Guardianship Proceedings Using a Trust
Many people do not want to consider what would happen if they were suddenly unable to manage their own personal or financial affairs. Unfortunately, no one knows what the future holds and a sudden accident or illness can leave you unable to make decisions for yourself. In these cases, families sometimes have to go through the courts to appoint guardianship. However, this option is typically used when no other plans are in place.
One way to help your loved ones avoid costly and stressful court proceedings is to establish a trust. These legal tools allow you to maintain control by ensuring that a trusted loved one can step in, if necessary.
What is Guardianship in Florida?
Guardianship in Florida is a court-supervised process in which a judge appoints a guardian to make decisions for a minor or adult who can no longer manage their finances or make decisions for themselves. Guardianship is an important matter because it removes some or all of a person’s civil rights and ongoing oversight from the court is necessary.
A person may require full guardianship, which gives the guardian control over all personal property and rights. Or, it can be limited, allowing the guardian to only oversee certain areas outlined by the court.
What are Trusts in Florida?
Trusts are legal documents that hold property for beneficiaries. The settlor, the person who creates the trust, retitles property into the name of the trust. They also name beneficiaries, who will ultimately inherit the property. The settlor often acts as the trustee during their lifetime. The trustee manages the property within the trust. A successor trustee is also named. This person will take over management of the trust if the settlor becomes incapacitated or passes away.
The trust document already authorizes the successor trustee to take over management of the property and so, court intervention is not usually necessary.
How Can a Trust Avoid Guardianship?
If someone becomes incapacitated, their loved ones may have to petition the court to establish guardianship. This is a lengthy process and ongoing court supervision can become costly. Establishing a trust can help your family avoid these issues by:
- Providing a smooth transition of financial management
- Eliminating the need for incapacity to be determined by a court
- Offering clear instructions for how property should be handled
- Reducing delays in managing property
- Offering confidentiality, as administration of a trust does not happen in court
It is important to note that while trusts have many benefits, they do not allow successor trustees to make all decisions. For example, a trust cannot give the trustee authority to make healthcare decisions. For this reason, it is critical to speak to a lawyer about drafting a comprehensive estate plan.
Our Trusts Lawyer in New Port Richey Can Help Provide Peace of Mind
If you are thinking of ways to ensure your future is protected, our New Port Richey trusts lawyer at Messina Law Group, P.A. can help with all of your documents and ensure they are tailored to your needs. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
