DID YOU KNOW? Did you know that anytime a minor is to receive a sum of money above $10,000 due to personal injury, that money must be placed in an interest bearing blocked trust account until the minor turns 18?
Withdrawals from the account can be sought and approved by court order, usually for expenses due to medical reasons, educational expenses and other necessities. Generally speaking, though, the money will remain in the account un-touched until the minor reaches 18. A guardian will be placed over the account for the minor and is required to make periodic reports to the Court to verify that the money is still in the account and is growing interest.
It’s always our prayer that nothing bad ever happens to anyone, especially our children, but the sad reality is that sometimes it does and it’s important to know your legal rights when the worst happens.
If you have questions about minor settlements, feel free to give us a call - we are standing by to help you!
