Can I open a guardian account at the bank if my son was given inheritance money from his grandparents in NY? 4 Answers as of October 03, 2012

The estate lawyer in NY does not know of Florida laws but said he read online that anything over 15,000.00 has to go thru court and the court will give someone guardian of the money. I don’t understand. I’m his mother. He said he don’t think the banks in Florida will do it.

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Law Office of Pamela Braynon | Pamela Y. Braynon
If your son is a minor (under 18) or disabled in some way, a guardianship can be established with you as the appointed guardian of his property. You would have to petition the court to become the guardian of you child's property and also to open a restricted account, called a designated depository, with a bank pursuant to FS 69.031. Until the Ward reaches the age of majority (18) or if that is not the case, declared competent, yearly accounting must be done to present to the court to show how the monies are being spent. Once the account is established, it can only be accessed with a court order. Although you are the biological mother of the child, the court's wants to ensure that the monies are used specifically for the Ward (namely your child).
Answer Applies to: Florida
Replied: 10/3/2012
The Curran Law Firm
The Curran Law Firm | Maura Curran
If the probate is in Florida, then the personal representative cannot give the money to your son more than $15,000 directly; a guardianship matter in the probate court must be opened, unless the grandparents provided some other form of distribution, i.e. in some form of a trust account.
Answer Applies to: Florida
Replied: 10/1/2012
Francine R. Martin P.A.
Francine R. Martin P.A. | Francine R. Martin
Yes, any inheritance over $15,000 will require a guardian appointment through the courts, then the money will need to be deposited into a restricted account. You should contact a Florida probate/guardianship attorney to assist you with setting up the guardianship.
Answer Applies to: Florida
Replied: 10/1/2012
The Law Offices of Laurie E. Ohall, P.A.
The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
For any minor child (under age 18) who receives over $15,000 through inheritance, personal injury settlement, etc., a guardianship must occur and the court will have jurisdiction over the case and will have a say-so on how the money gets spent. Generally, the court will appoint the parent as the guardian over the property (so long as they meet the requirements of a guardian which include no felony convictions) Most courts in FL will do a criminal background check and they will also want to ensure that the person being appointed guardian has a good credit score.
Answer Applies to: Florida
Replied: 10/1/2012
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