The Roads Probate Lawyer
The Roads, Florida is a community of Miami in Miami-Dade County. It is recognized for its old homes, historic private schools, and tree-covered streets. The Roads is extremely near to Downtown Miami and Brickell. However, it is a traditionally suburban community. Since 1986, the Miami Roads Neighborhood Civic Association has developed various projects to maintain the community.
The Roads, initially known as “Brickell Hammock” was planned, platted, and worked on by Mary Brickell in January 1922 days prior to her demise. Brickell had planned the Roads as a walker-friendly community with extensive streets with standard parkways and roundabouts with local Miami plants. She presented the streets, parkways, sidewalks, and electric lighting to the City of Miami in 1922. All the properties were put up for sale in one day on February 1, 1923. Even though the homes in the Roads were initially developed to be inexpensive for Miami residents, homes in the Roads were well-known early on and swiftly turned into one of Miami’s most respected communities.
Defining a Custodial Account
The easiest way for a minor to receive property is in a custodial account. A custodial account is an account that is set up as a bank or brokerage account, for the minor’s benefit to a specific age, frequently twenty-one or twenty-five. What is so terrific about custodial accounts is that they are at no cost to set up and simple to manage. A person does not need the supervision of the court, or the additional worry of producing an individual trust, with its own identification number and need for a yearly accounting.
A well-prepared will or trust will have, frequently in the back sectors under authorities of the executor or trustee, a comprehensive stipulation that states something like the executor or trustee has the authority to issue property to a minor to that recipient’s custodian according to the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) of any state in which that minor resides.
An “UTMA Account” is a custodial account generated for the minor’s benefit that supports the handling, utilization, and disposition of property presented or on the other hand handed over to a child. UTMA Accounts are one of the easiest and least costly ways to reserve money, stock, or even real property, for a minor without the need of a lawyer to establish a special trust fund. Generally, to establish an UTMA Account, the donor just chooses a custodian and asks for the bank or financial adviser set up an account in the name of “(Name of Custodian), as custodian for (Name of Minor) according to the Florida Transfers to Minors Act.” An UTMA account ended when the minor turned twenty-one years old, but, since July 1, 2015, Florida Statue 710.123 has allowed UTMA accounts to last until the minor turns twenty-five years old. Florida is among a few states that permit UTMA accounts to stay intact until the minor turns twenty-five years old. However, only if the transferor noticeably states an intent for the account to last for a more extended period.