If someone under the age of 18 in the state of California is involved in a personal injury settlement, there are additional regulations that do not apply in all personal injury cases. What do you need to know about and how many this affect your settlement?
In California, court supervision is required for cases involving minors. These regulations have been put in place by the state in order to ensure that children get a fair settlement. The funds will not be accessible to the child until he or she turns 18. In most cases, the funds will either be used to purchase an annuity or they will be put into a blocked account.
If an annuity is the chose form of settlement payment, funds with either be received annually starting from when the child turns 18 or they may be dispensed in lump sums at certain time periods (for example, one payment every three years or at particular birthdays until of the money is divested).
There are certain rare exceptions where the settlement is determined to be a sum of less than $5,000 where the money becomes immediately available for the minor. In even more exceptional situations, the court may allow parents to make funds available to minors before they turn 18. However, the circumstances surrounding such a situation need to be quite extraordinary.
Help in Attaining Fair Personal Injury Settlements
The courts often only provide assistance for minors seeking a settlement. Thus, it may become necessary to hire a personal injury attorney to determine if an insurance provider is offering a reasonable settlement. Petrov Law Firm will be happy to help you determine what a fair settlement should be. Contact us today at 619-344-0360.Read More