How Personal Injury Settlements Are Handled When They Involve Minors
Posted on Friday, May 9th, 2014 at 1:29 am
In most states, the parent of a child who has been injured and received a settlement as reparation for those injuries cannot generally access his or her child’s settlement funds. The reason for this is to protect the child from parents who might use the money to benefit themselves, instead of the child.
“Blocked” Bank Accounts
A court will usually place a child’s settlement money in a “blocked” bank account until the child turns 18. A court will sometimes allow withdrawals from blocked accounts if the funds are needed for the child’s care and well being, and the court is satisfied that the funds are to be used for the benefit of the minor.
Kentucky courts will generally follow the same rule, although there are certain instances where the courts will grant the parent of a minor access to the full settlement. For example, under the Kentucky Revised Statute 387.280, the custodian of a minor is able to petition to receive the minor’s settlement so long as that settlement is $10,000 or less.
If you or someone you know is dealing with an accident related injury involving a minor child, please contact an experienced Northern Kentucky personal injury lawyer at Lawrence & Associates Accident and Injury Lawyers, LLC!
Contact Us (859.371.5997) for a Free Consultation