How should I set up the money from my childs settlement? 4 Answers as of November 06, 2012

I am a single mom and my son fell out of the second floor window. It has now come to decide how the money will be used or be set aside. I want to put his money in savings account and if I need something for him I can get it. Can I do that?

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Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Perhaps. You may be better off considering the creation of a Trust for the money. The Court could approve the Trust, you could act as Trustee, and if you needed the funds for your son you could access the funds as Trustee of the Trust. You will have to keep accurate and detailed records of what you use the money for regardless of how the money is held.
Answer Applies to: New Hampshire
Replied: 6/13/2011
E. Ray Critchett, LLC
E. Ray Critchett, LLC | Ray Critchett
Generally, minor settlements in Ohio have to be approved by the Probate Court. Many Courts will require any significant money be placed into either a structured settlement and/or a custodial account fro your child. This will protect the money for him/her. A custodial account may also allow access to some of the funds for certain Court approved purchases, such as necessary school supplies.
Answer Applies to: Ohio
Replied: 11/6/2012
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
First of all, do not attempt this without a lawyer. Insurance companies will cheat you and your child unless you have counsel. Your lawyer will set up a proper settlement. Settlements for minors often require a court order and court supervision. This is not something you can do yourself without specialized legal training.
Answer Applies to: Georgia
Replied: 6/10/2011
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