Legal Question in Wills and Trusts in Florida

Re: Life Ins - No beneficiary

See above answer. Also, it is not too late for adult granddaughter to set up a Special Needs Trust for mentally ill mother. It depends of the type of trust that is being set up (whether it is a self-settled trust or a third-party trust). A self settled trust is one that is funded with the beneficiaries own money and a third-party trust is one where it is funded with someone else's money (like yours). We need to know the age of the incapacitated adult in order to determine which type of trust should be used. A judge in the proper jurisdiction can authorize the establishment of a self-settled special needs trust after guardianship has been established. Please email or call us if we can be of assistance to you in this matter.

Re: Life Ins - No beneficiary

Wow. A lot of questions and so little time. :-) First, if no beneficiary designation exists, the life insurance proceeds are generally payable to the probate estate. Then, the P.R. must distribute, after paying creditors, the residue to the named beneficiary in the will. If the beneficiary is incapacitated, a judicial determination must be made by a Florida Court of the extent and nature of the incapacity. This is done in the Guardianship process. If incapacitated, the Court will appoint a Guardian of the Property. If your desire is for a special needs trust, this should be accomplished by the owner of the insurance policy before death. He may set up a special needs trust, and do a Change of Beneficiary designation, naming the trustee as the beneficiary.