What is a guardianship of minor property. Well, guardianship for minor property is necessary any time a person under the age of 18 years old receives over $15,000. Well, one might ask, “How would a person under 18 years of age receive over $15,000?” The most common situations generally involve either an inheritance from a loved one or an injury settlement related to, generally, automobile accidents. Now, obviously, there are many other situations in which a child can receive over $15,000, but those are generally the most typical types of situations. A lot of times children will receive monies under insurance policies. Well, those monies, even though they don’t go through a probate proceeding, are still going to be subject to a guardianship of minor property.
A guardianship of minor property is not an option. Some people will ask, “Well, if my child is 15 years old, can I not just leave the life insurance proceeds with the life insurance company for the next three years until they reach the age of majority, and then they can take it out themselves?” Generally, the answer is going to be “No.” The life insurance company does not want to continue to hold those funds. They want to pay out the claim and they want to close the case.
With respect to that, it’s important to associate yourself with an attorney that specializes in this area of the law. I specialize in this area of the law at the law firm of Waller & Mitchell. If you or anyone you know has a child under the age of 18, and they’ve received an inheritance or a settlement as a result of an injury, please have them give me a call at the law offices of Waller & Mitchell at 727-847-2288 so I can help assist them with this matter.