Auto Insurance Claims: Minor child, Minor child

Question
In the case that a minor child is injured when the insurance company settles do the parents get control of the money, just not sure how this works.  Would like a little information about this just so I know what can and cannot be done.  We cared for our 2 year old taking her to the doctors and therapy and had to be off from work.

Answer
Hello Eric,

It depends on how the settlement was structured and your state law. Most states require that if a settlement is more than a certainn amount that the funds be put in trust for the benefit of the child. The court woul probably appoint the parents as the trustees. They would have to account for the money, which can only be touched for the direct benefit of the child (I.e medical expenses).

The amount of the settlement is important. You may want to consult with a lawyer to understand what you are required to do in your state.


Anne
http://www.quirogalawoffice.com