Planning for children lets you choose who should care for them if a guardian is needed and how their inheritance should support them as they grow. It also gives the adults you trust a clearer understanding of your wishes. Spiro Verras has practiced law since 1993 and teaches Florida estate planning to other lawyers and paralegals for the National Business Institute. The questions below apply to young children, with additional considerations for adult children and their families.
Choose guardians and alternates
A will can nominate a guardian for a minor child, and a properly prepared declaration of preneed guardian can record a choice for the death or incapacity of the last surviving parent (§ 744.3046). These documents are subject to the surviving parent’s rights and the court’s review of the nominee’s qualifications. Naming an alternate and discussing the role in advance helps turn your preference into a workable plan.
Choose how an inheritance will be managed
A minor usually needs an adult or fiduciary to manage inherited property. Florida allows a natural guardian to receive certain amounts up to $15,000 without a separate property guardianship, while larger amounts may require court supervision unless a trust, authorized custodial arrangement, or another applicable procedure is available. The rules vary with the type of payment and arrangement. Planning the destination of the inheritance in advance helps provide suitable management and avoids relying on a single age-based default.
Design a trust around your children
A trust can be created in your will or as part of a funded revocable trust plan. You can provide a shared fund for children’s needs, separate shares, distributions at selected ages, or continuing trusts that adapt as each child’s circumstances change. A trustee may pay for health, education, and support under the terms you choose. Spendthrift and discretionary provisions can add creditor protections, but the result depends on the terms, the beneficiary’s powers, and the type of claim; a trust does not guarantee protection in every creditor or divorce situation. The person who manages the inheritance can be different from the person who raises the children, allowing you to match each role to the right strengths.
Consider a custodial account where it fits
A Florida Uniform Transfers to Minors Act account can be a straightforward way to hold a gift for a child. The required distribution age depends on how the custodianship was created: Often 21, sometimes 18, and in qualifying arrangements up to 25. Certain lifetime-gift arrangements extended to 25 still give the beneficiary a right to withdraw at 21, subject to statutory notice rules (§ 710.123). A trust offers more flexibility when you want management or protections to continue beyond those rules.
Coordinate insurance and retirement beneficiaries
Beneficiary designations should fit the plan for managing a child’s inheritance. A trust may be an appropriate beneficiary, but the choice should account for the policy or account, the child’s age, and the tax rules. Retirement accounts need particular attention because a trust must satisfy specific requirements to receive the intended beneficiary treatment. An eligible minor child of the account owner may qualify for different distribution rules from other beneficiaries, and annual withdrawals may be required as well as an eventual payout deadline. Our IRA trust guide explains these choices.
Review Florida homestead protections
A surviving minor child restricts the devise of Florida homestead, even where a will or trust names a different recipient. If both a spouse and descendants survive and the statutory descent rules apply, the spouse generally receives a life estate, with the option to elect a one-half ownership interest, and the descendants receive the corresponding remainder or other half. If there is no surviving spouse, different descent rules apply. Existing survivorship ownership can also affect the analysis. Reviewing the deed and family circumstances helps the estate plan respect these protections.
A child with a disability needs a different trust
For a child who receives means-tested benefits, an inheritance can be directed to an appropriately designed supplemental needs trust. The trustee manages the funds and considers how payments affect benefits. Our supplemental needs planning guide explains how the trust, beneficiary designations and family support can work together.
Support adult children’s long-term security
An inheritance is generally separate property under Florida divorce law, but ownership changes, commingling, and other circumstances can affect that treatment. A continuing trust may provide useful management and creditor safeguards while supporting the child’s needs. Spiro can explain the tradeoffs between outright ownership and a trust, including who controls distributions and how the arrangement would work in everyday life.
Contact our office to arrange a consultation with Spiro about estate planning, trusts, or probate. Meet in Palm Harbor, in Tampa or St. Petersburg by appointment, or by Zoom or teleconference.