Minor Child’s Settlement for Injuries
As a parent of an injured child, what you need to know is, under California law, if a child (under the age of 18 years of age) is injured and receives a monetary settlement, from the at-fault party, it must be supervised by the court under what is called a Minors’ Compromise and Release hearing. What does this mean? It means that you must have a guardian (usually a guardian ad litem) appointed for your child, unless the child is legally “emancipated;” a judge must approve the settlement for your injured child; and the settlement funds generally must be deposited into a blocked account, in any FDIC insured bank located in the State of California, until the child reaches the “age of majority” (which is 18 years old in California). The settlement funds can also be deposited into an investment vehicle like an insurance annuity contract (Single Premium Deferred Annuity). Or, you can have part of the funds deposited into a bank, and part of the funds deposited into an investment vehicle. Please see Chapter 5 of this book for more details, or your child’s injury lawyer can explain more in regards to which way is the better route for the settlement funds to be deposited.
Mark C. Blane is a San Diego Child Injury/Accident Attorney and the managing lawyer of the Law Offices of Mark C. Blane, a San Diego, California Personal Injury Law Office dedicated to representing families of minor children injured due to the negligence of others. If you or a loved one, who is a minor child, has been injured or killed in a child accident in San Diego, please order your free copy of Mr. Blane's book, The 10 Secrets You Need To Know About Your Injury Case, BEFORE You Call A Lawyer. It is full of helpful information that will help you protect your legal rights and it normally sells for $16.95. However, it is free to all California residents, or those injured in a California accident.