Choosing a Trust vs. Guardianship for Minors
Consult a Jacksonville Estate Planning Attorney to Discuss Your Case
At Owenby Law, P.A., we understand how confusing it can be to choose between a guardianship or trust for your minor children. You want to be sure that you are selecting the estate planning option that better suits your needs and will provide for your minor children in the event you are unable to in the future.
It is an important decision, one of our Jacksonville estate planning lawyers at Owenby Law, P.A. can help you make.
What is the Difference Between a Trust and a Guardianship?
A trust is a legal agreement that outlines the rules you want followed for property held in trust for your beneficiaries. Trusts are an important way to protect property in your estate, reduce estate tax liability, and help your family avoid the probate process, which can be long and complex.
The benefits of a trust include the following:
- A trust can continue past the age of majority (20 years old)
- You can choose who the trustee will be even if not qualified
- There are broader powers
- There can be alternative dispositions upon the beneficiary's death
- The trust is private and the cost is usually less
- There is some control over the preservation of wealth
Guardianships, on the other hand, give the ward property at 20 years of age if the ward has capacity. The court determines who will be the guardian for the ward. A guardian is an individual or institution (such as a nonprofit corporation or bank trust department) appointed by the court to care for an incapacitated person -- called a "ward" or for the ward's assets. Guardianships possess fewer powers than trusts. Upon the ward's passing, the remaining assets will go to the ward's estate.
Guardianships also differ from trusts in the following ways:
- The court file is public record
- The cost is usually more, including annual accountings to be filed with the court
- A guardian is appointed to exercise the legal rights of an incapacitated person
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