4 year old child injured...ready for settlement

[Ncnsmn]

What is the name of your state? Illinois

My 4 year old son suffered a skull fracture and broken clavical while at a playmates house while we lived in Illinois. Homeowner carrier admitted 100% liability and is ready to settle. All treatment complete. We do not have an Atty. Medical bills were $18,000. We now live in Tennessee, and carrier presented offer and wants to assign their Atty to represent us in front of a judge in Tennessee to settle. Carrier presented "structured settlements" as our option, and also indicated once the judge approves settlement, they will administer a "trust" until my son turns 18.

Confused about this "structure" process, as well as what adjuster means this will be handled in "probate". We as the parents feel this settlement should be managed by us...not anyone else, and is a structure a good idea? Confused about this entire "probate" issue and just want to know our rights.

Thanks

 

[stephenk]

because your son is a minor, the settlement is placed in trust until the child turns 18. The court will not allow anyone to "manage" the money. It sits in an interest bearing account until he turns 18. The only way to access the money while he is still a minor, would be to file a petition with the court and ask for use of the funds. The reason would have to be related to your child's injuries, ie. additional medical care, consultations, treatment, etc.

You cant access the money to pay for school supplies or go on a vacation or for anything else that you would normally provide for your son.

It goes through probate court because there is no actual lawsuit. A petition is filed for the court to approve the settlement and place it in trust. The court will retain jurisdiction until your son turns 18 and then the money is released to him to use as he pleases.

Has the insurance company provided you with a detailed breakdown of the settlement terms and amount?

 

[I AM ALWAYS LIABLE]

"We can't use the money ourselves? We can't go to Paris, France? What's this goddamned world coming to???"

Oh, I can hear it now . . .

IAAL

 

[Ncnsmn]

THanks for the clear explanation. It makes complete sense the way you laid it out. Our concern revolved around how his settlement would be managed (invested). If it is required to sit in an interest bearing account with the court vs. us investing it for him.

 

[crashtestdummy2]

IAAL's Disclaimer

By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only

Hmmm wonder where the educational information is...I have yet to see it...only negativity and a clear lack of respect for anyone.
Must be very insecure to have to try to insult so many people and think they give a crap about his closed minded, insecure, naive, unintelligent, and hateful responses.

Not everyone wants to take their child's money away...this person may really want to invest for their child's future...but I guess being so pitiful and hateful doesn't allow you to see past your own short comings...OH and bye the way liable...go ahead and sick your little wanna bes on me....go ahead and get me kicked off..I could give a crap....

 

[I AM ALWAYS LIABLE]

My response:

Uh, oh. Sounds like "someone" didn't eat their prunes this morning.

IAAL

 

[stephenk]

depending on the amount, typically, a bank you chose and the court approves, invests the funds in CDs, T-bills, etc. so the money earns interest above a normal savings account. it isnt invested in stocks or mutual funds.

 

[Ncnsmn]

Thanks for the information. We were going to split it up between the trust, in case my son needs additional medical treatment related to the injury down the line...and a structure, so he could use the money after he turns 18 and goes to college.

I appreciate the great advice and support I have recieved on this site from most of the respondents.