Lock Up Age Settlement For Free

Whether or not a parent is allowed to do this is a decision that will be made by the court. A parent can never spend any money from a child injury settlement without court approval. This is true even if the parent intends to use that money for the child.

APPROVAL OF A MINOR'S PROPOSED SETTLEMENT Florida Statute 768.25 requires Court approval of any settlement of a minor or incompetent while an action is pending. This statute also requires the Court to approve ?apportionment among the beneficiaries ....?.

Who Can Access a Child's Settlement Money? If a child's settlement award is less than $10,000, it can be received directly by the child's parents. Settlements are legal property of the minor, and they are often awarded under a set of specific provisions that determine how the money should be spent.

In rare cases, a motion can be filed with the court to encroach on the settlement fund. Most judges will not allow parental access to the child's settlement money to fund scholastic needs or other obligations that are typically a parent's responsibility.

It cannot be deposited in the personal account of the parent, guardian or trustee. The account, whether it's a bank account or an investment account, must be designated in the minor's name and the funds held until the minor turns 18, at which point the minor gets access to it.

Minors typically receive structured settlement payments through an annuity provided by a life insurance company. They receive a series of periodic payments over a specific time covering the amount of the judgment or settlement in the court case they won or settled.