QUESTION
If you have a child who got hurt, do you have to wait for the child to turn 18 to spend the money?
Asked on Aug 10th, 2013 on Personal Injury - Idaho
12 ANSWERS
Ronald A. Steinberg
Absolutely. If the kid got hurt, it is his or her money, not yours. Since kids do silly things with money, the court tries to protect them from themselves and from people who would take advantage of them.
Answered on Oct 02nd, 2013 at 1:39 PM
That's really a loaded question. Was there a conservator ship created? What do the documents state? What restrictions on spending were in the conservator ship papers?
Answered on Aug 13th, 2013 at 6:57 PM
Lisa Hurtado McDonnell
No, but you have to prove the money was spent for the benefit of the minor. If the amount is above a certain amount the court will put in a it will be put in trust and you will have to request permission from a judge to spent it on behalf of the child.
Answered on Aug 13th, 2013 at 5:58 AM
Employment Law Attorney serving Beverly Hills, CA
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Dordick Law Corporation
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Ordinarily the money gets put into a blocked account until the child turns 18. This is typically done to protect the child from the parents blowing the settlement money. If there is a true good reason where the money is needed earlier, you can petition the court to release some or all of the funds.
Answered on Aug 12th, 2013 at 5:55 PM
James Eugene Hasser
Money received on a settlement for a child can only be spent on the child's needs and whatever is leftover has to be turned over to the child when he or she reaches the age of majority.
Answered on Aug 12th, 2013 at 12:22 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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The parent is not the one to "spend" the money. Once the injured person turns 18, he/she is no longer a child and can then be allowed access to the funds.
Answered on Aug 12th, 2013 at 11:57 AM
If there was a minor's compromise then you can only spend the money with court approval, as it is not your money. Otherwise, when the child turns 18 there might be no money left.
Answered on Aug 12th, 2013 at 11:02 AM
Thomas Edward Gates
Generally, yes. The money should be in Trust and appropriately managed until the child turns 18 years old. At that time, the child may do as they please with the money. If there is an expense that the guardian wishes paid from the Trust, they can petition the court to do so.
Answered on Aug 12th, 2013 at 10:48 AM
Worker's Compensation Attorney serving Encino, CA
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Law Offie of Sabzevar, F. Michael
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If there was a law suit/claim, and there was a settlement agreement, and if it was placed in a blocked account ordered by the court, then you have to petition the court to have the money released. You must have a good reason before the court releases the money before your child is 18.
Answered on Aug 12th, 2013 at 10:46 AM
Auto Attorney serving Bloomfield Hills, MI
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Gregory M. Janks, P.C.
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In Michigan any settlement/verdict money received for a child's injuries may be spent on the current or future needs of the child. If the amount received is over $5,000 the court will have to be involved and asked if any particular expense is allowable. For settlement/verdict amounts under $5k, the child's Conservator or Next-Friend can only use the money for the benefit of the child (and this would not include ordinary living expenses that would be incurred by the parents even had there not been an injury, economic recovery). There is a Michigan Statue on point as to what the funds can be used for and your attorney should have given same to you when the funds were received.
Answered on Aug 12th, 2013 at 10:46 AM
4 Awards
Money can be used before then if approved by the court.
Answered on Aug 12th, 2013 at 10:46 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It isn't your money, but you can spend it on the child if necessary, i.e. tuition, medical care due to the injury, etc.
Answered on Aug 12th, 2013 at 10:45 AM