Author Topic: Child injury settlement?  (Read 1233 times)

Duke03

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Child injury settlement?
« on: December 18, 2020, 02:35:00 PM »
Two months ago my wife and child where injured at a store when an improperly built display toppled over.  My wife had quite a few bumps and bruises and my 5yr old suffered a mild concussion.  The insurance company has stated they want to settle the injuries.  I've dealt with insurance companies in the past with a couple minor car wrecks in my life time, but I've never dealt with an injury to a minor.  I tried to research my state's law, but can't really find anything.  Depending on the amount I'm not sure if they'd allow us to take the check and put it up for her.  We already have trusts, 529 accounts, plus our kids have their own investment accounts.  I see a lot of stuff on the internet where some states make you either buy an annuity or even put it in a bank account that the court holds till the minor turns 18...Personally I'd rather just put everything she gets into her own account that she already owns, but not sure if the courts will allow that. I was going to try to handle this myself, but if we have to jump through a bunch of hoops as far as putting the money up ect I think we might be forced to hire an Attorney.  Was just wondering if anyone has any ideas what to expect?
« Last Edit: December 18, 2020, 02:41:48 PM by Duke03 »

Rocky Mtn FI

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Re: Child injury settlement?
« Reply #1 on: December 18, 2020, 07:41:51 PM »
Agree this likely will be state-specific, but the way we generally handle this where I practice is to have the court install a parent as a special conservator for the sake of managing the settlement proceeds on behalf of the child. You (if named conservator) would have to testify under oath that you’ll use the settlement amount in the best interest of the protected person (here, your daughter), but beyond that, I haven’t found the courts to be too particular about what the parents need to do with the money.

I’d never advise someone in your position NOT to consult with an attorney, but we (insurer’s counsel) routinely cooperate with unrepresented parents in these cases. Assuming you’re cool with the settlement amount, it’s a pretty straightforward process that likely can be accomplished over Zoom here in the age of COVID. Good luck.

windytrail

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Re: Child injury settlement?
« Reply #2 on: December 19, 2020, 10:28:26 AM »
Agree this likely will be state-specific, but the way we generally handle this where I practice is to have the court install a parent as a special conservator for the sake of managing the settlement proceeds on behalf of the child. You (if named conservator) would have to testify under oath that you’ll use the settlement amount in the best interest of the protected person (here, your daughter), but beyond that, I haven’t found the courts to be too particular about what the parents need to do with the money.

It's similar here in California. You can petition the court to be a guardian ad litem to represent the interests of your child for settlement purposes only. As long as you sign under penalty of perjury that the money will be held for the benefit of the child only, and convince the Court you are telling the truth, there should be no problem.

Example:

"It is my intention, [and the intention of my spouse ____], to create a separate bank account for the benefit of [child] and for the funds therein to be transferred to him when he reaches adulthood or to any future guardian, conservator or trustee. His share of the settlement will be paid into that account, and will be used for his care and benefit only."


 

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