Does money awarded to a 15 year old in a law suit have to go into an account till she is 18, or can we have the money when case settles.

Typically, when a child under the age of 18 receives proceeds from a lawsuit, the money must be held in a restrictive account until the child's 18th birthday.  Oftentimes, if the parents incurred out of pocket expenses for the child's medical care, etc. then they may be entitled to be reimbursed for the those expenses out of the child's recovery.  In Indiana, where I practice, any settlement to a minor that exceeds $10,000.00 requires approval from a probate court to accept the settlement.  In essence, a guardianship is set up for the child, and usually (though not always) the parents are appointed guardians over the child.  The parents must submit an oath that they will place the child's funds in a restricted account and that no one can access the funds without court approval.  Interestingly, in Indiana the lawyer representing the child must also submit a sworn affidavit that they will ensure that the funds are placed in a restricted account.  Once the funds are deposited in the bank, the bank must affirm that they will not release the money without a court order, and then those documents are filed with the probate court.  It requires a fair amount of time and effort to ensure that all of these restrictions are met, but the ultimate goal is to protect the child's assets.  Without these restrictions, the risk is that the parents will invade the child's account, and there wont' be any money left for the child when they turn 18.  When the amount of the settlement is significant, I usually recommend that my clients structure the settlement in the form of an annuity.  This allows the child and the parents more flexibility in how the assets will be paid out.  With an annuity, the settlement can be paid out over time in installments, rather than giving an 18 year old a lump sum of money.  Also, given the current state of interest rates, an annuity is likely to provide a better return than a bank savings account.