QUESTION
How should I set up the money from my childs settlement?
Asked on Jun 09th, 2011 on Estate Planning - Georgia
More details to this question:
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?
2 ANSWERS
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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.
Answered on Nov 06th, 2012 at 11:17 AM
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.
Answered on Jun 10th, 2011 at 11:45 AM