Mississippi Petition for Authority to Compromise and Settle Minor's Claim for Damages
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FAQ
When a child under the age of eighteen receives money or other property of value - such as an inheritance from an estate, proceeds from a life insurance policy, a settlement of a personal injury claim, or a wrongful death settlement - the probate court must approve the settlement of the minor's claim or right to
In a child's case, though, the money can't be paid directly to the child until she turns eighteen years of age.When a minor's personal injury case is settled, Virginia law requires that the court approve the terms of the settlement agreement to ensure that the agreement is in the best interests of the child.
In a traditional personal injury settlement arrangement, when the child turns 18, they can go down to the bank with their ID and withdraw all of the money. In some cases this amount can be worth hundreds of thousands of dollars.
A temporary guardianship takes effect the day that all required parties sign the document, and automatically expires six months after that date if no sooner date is given.
On the low end, an injury case might settle for only a few thousand dollars. But many personal injury cases settle for much more. An average personal injury settlement amount is anywhere between $3,000 and $75,000.
Under the law, a minor child cannot sign a contract or other legally binding agreement. But if your child has a claim for injuries caused by an accident, then you or the child's guardian of the estate, can sign a settlement agreement on behalf of the child.
What Will Happen To My Child's Compensation? Compensation awarded in child injury cases is normally kept in a protected account until the child turns 18.The court will hold any compensation that's awarded to your child until they turn 18: at this point they will then receive their settlement as well as any interest.
How long does it take to get money from a settlement? On average, the typical settlement can take up to six weeks for processing. This is due to a number of factors and may vary from one case to another.
