Florida law requires that a guardian of the property for a minor to be opened whenever a minor receives a net settlement or judgment that exceeds $15,000. F.S 744.387. In addition, a Florida guardianship for a minor is also needed when the minor receives funds due to a wrongful death.
Other reasons why a guardian of the property for a minor will be needed includes when a minor is the beneficiary of an estate or trust, life insurance policy or annuity, or a benefit plan in excess of $15,000.
A guardian of the person for the minor may be required when the minor’s natural parents (biological or adopted parents) are unavailable or unable to serve as the custodian of the child. This typically happens when the minor’s natural guardian passes away, is disabled, or is incarcerated.