Insurance settlement for a minor

[hveach]

What is the name of your state? TN

I settled with an insurance company in an accident involving my 3 year old son. The money was given to the county clerk. I have found that the county clerk only put the money in a savings account making .5% interest.

I want to petition the court so that I can decide where the money is invested for my son. Seeing that he won't have access to it for another 15 years, I want to put it in something like a stock index fund.

My question is, do I need to hire a lawyer to petition the court or is this something I can do on my own?

The one lawyer I talked to wants to charge me $2,500. That just seems incredibly high to me.


Thanks for all replies.

[HomeGuru]

Originally Posted by hveach

What is the name of your state? TN

I settled with an insurance company in an accident involving my 3 year old son. The money was given to the county clerk. I have found that the county clerk only put the money in a savings account making .5% interest.

I want to petition the court so that I can decide where the money is invested for my son. Seeing that he won't have access to it for another 15 years, I want to put it in something like a stock index fund.

My question is, do I need to hire a lawyer to petition the court or is this something I can do on my own?

The one lawyer I talked to wants to charge me $2,500. That just seems incredibly high to me.


Thanks for all replies.

**A: it seems reasonable to me.

[BlondiePB]

The money was given to the county clerk.

Who is the guardian, custodian, or trustee of this account?

[hveach]

The Circuit Court Clerk is the custodian/trustee.

At the time of the settlement, I didn't have a lawyer. The judge told me that I could petition the court to have me as the custodian/trustee, since I am the father. The lawyer for the insurance company said I could do it myself.

I'm ready to petition the court, but I don't know HOW to petition the court or what I have to submit. Another lawyer said I can't do it myself and he would do it for $2,500.

I just need a little help. If I have to pay a lawyer to do it, that's fine. But if I can do it myself, I'd like to.

[BlondiePB]

Regardless of whoever is in charge of this account, most states require that a minor's money be placed in an interest bearing savings account because that is a "safe" account that will not lose money. I agee with HG that $2,500.00 is reasonable for an attorney to do all this. As a matter of fact, I see you posting bond for the amount of money that is in your child's account. You will also have to be eligible, per your state statutes to be a fiduciary.