Structured Settlement For Minors Examples
Description
How to fill out Release By A Guardian For A Minor Upon Settlement Of A Damage Claim By The Minor In A Law Suit - Patient Consent?
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FAQ
Most courts in most jurisdictions allow settlement funds for a minor to be placed in a structured annuity rather than a blocked account (that the minor client will receive at age 18). Usually, these structured settlement annuities are set up to fund the minor's college expenses.
Most children won't spend a large lump sum of money responsibly. An annuity gives your child regular payments for the rest of their life or a specific period. This helps ensure the money is spent wisely, and they won't face financial distress.
For example, if you were involved in a car accident and were seriously injured, you may choose to sue the driver who was responsible. If the court finds in your favor, you may be awarded compensation. Rather than making a lump sum payment, the defendant may negotiate a structured settlement instead.
Allowed by the US Congress since 1982, a structured settlement is: A completely voluntary agreement between the injured victim and the defendant. Under a structured settlement, an injured victim doesn't receive compensation for his or her injuries in one lump sum.
If you have a structured settlement in which you receive your personal injury lawsuit award or settlement over time, you might be able to "cash-out" the settlement. To do this, you sell some or all of your future payments in exchange for getting cash now.