QUESTION
Can a person''s Home Owner''s Insurance put "Settlement" money in a trust fund for my 10 yr old injured son to not access until he is 18 yrs old?
Asked on Dec 29th, 2011 on Personal Injury - Arkansas
More details to this question:
My 10 yr old was shot in the eye back in May 2011. Was taken to local E.R., then later taken by Ambulance to a local Children''s Hospital. The accident happened on a friend of my son''s property. The parents turned the accident in on their Home Owner''s. They only helped us out with up to $2000 of his medical bills, and since then keep dragging this out as far as settling is concerned. My son has developed trauma induced glucauma in his injured eye, as well as a cataract that will later require surgery. He will be on medication eye drops for the rest of his life to keep the pressure in his eye down, and as a result, prevent from eventually going blind. This particular Insurance Co is by far the Rudest I''ve ever dealt with, and then they tell me the settlement will probably be put in a Trust Fund only accessible when my son is 18?? How are we supposed to provide proper medical attention/care that he needs if we don''t have any financial help until he''s 18? Please advise! Concerned!
1 ANSWER
Catastrophic Injury Attorney serving Roseland, NJ
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John J. Ratkowitz
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This is an issue of state law, and I do not practice in Arizona, but in New Jersey, this kind of thing is mandatory. The Court holds a hearing to make sure that the settlement was a fair one, and then the money is deposited in a fund held by the Surrogate, who holds the money until the minor reaches eighteen. It is done to protect against the possibility that the money will be spent on things other than what is in the interests of the child. Parents can make an application to withdraw the money and they can get permission for this if they can demonstrate that the money is being spent on something that the child needs.
Answered on Dec 30th, 2011 at 5:14 PM