In Florida, it’s common for parents to create estate plans that pass their assets to their children. It allows them to decide exactly how their property should be divided and ensures the intended heirs receive what’s rightfully theirs. Without a plan, the surviving spouse may inherit everything, leaving the children with less or nothing—so having a well-thought-out estate plan is key to securing their future.
But what happens if those children are still minors? Can they directly inherit property before turning 18?
The Short Answer: No, Minors Can’t Inherit Directly
Unfortunately, minors in Florida cannot legally own property or manage assets on their own. So, even if you intend to leave your home or savings to your 15-year-old, the law won’t allow it. But don’t worry, there are ways to ensure they still receive their inheritance at the right time.
Alternative Options for Estate Planning
Since minors can’t inherit directly, you’ll need to explore other options to protect their inheritance. Here are a few common strategies:
- Appoint a Guardian: You can assign a legal guardian in your estate plan. This person will manage the assets on behalf of your child until they reach adulthood. The guardian will handle financial decisions to ensure your child’s well-being.
- Set Up a Trust: Another option is to establish a trust. When you pass away, your assets will transfer into the trust, and your minor child will be named as the beneficiary. A trustee will oversee the assets until your child reaches 18—or any other age you specify. This allows for smooth management of your estate while ensuring your child eventually gets what you’ve left them.
- Consider a Power of Attorney: You might also use a financial power of attorney to give a trusted individual the authority to handle the assets on behalf of your minor child.
There are many options available, depending on your specific circumstances. By working with a skilled Jacksonville estate planning attorney, you can create a plan that best suits your family’s needs and protects your child’s future.