As an attorney in an Orange Park Guardianship Law Firm, I often receive calls from parents of minor children who have received an inheritance, proceeds of a lawsuit, or insurance policy. Florida Guardianship law provides that a guardianship is required if the monetary amount in question exceeds $15,000 dollars.
Parents in Orange Park or around often question why a court proceeding is necessary for them to get access to their children’s money. In most instances, a bank, insurance company or other financial institution will not release funds to you until you have the necessary court order demonstrating your legal authority to take control of the money.
To become the guardian of a minor, (even natural parents) you need to consult with a Jacksonville Guardianship Lawyer mandated by Florida law to protect and serve the best interest of the minor. Any money exceeding $15,000 is considered significant, and the court requires that the money be placed in a restricted financial account.
The guardian(s) of the minor may petition the court for a monthly allowance, or a lump sum amount of the funds for the minor. The court must be convinced that the funds are to assist the parent in raising the child, paying for education, extra-curricular activities, or anything related to the health, education and welfare of the child.
An Orange Park Guardianship Attorney can advise and guide you through the guardianship court proceeding. If you have questions about the process, schedule a consult with an attorney at an Orange Park Estate Planning Law Firm that practices guardian law.