How difficult is it to revise/update a settlement claim contract for a past injury inflicted during minor years?
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How difficult is it to revise/update a settlement claim contract for a past injury inflicted during minor years?
The “Trust” was created to provide the owner cash installments for a set amount of intervals, and the rest of the settlement claim in a lump sum later. The owner was a minor at the time of the incident and is now at an age to sell an amount of the claim to a third party for “cash now” but a specific clause in the contract prevents the owner from selling payments from the claim. Can the contract be upgraded, by meeting with past parties who created the contract or however, to update the specific clause to be omitted?
Asked on July 6, 2014 under Estate Planning, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
For a specific, definitive answer, you need an attorney to review the terms of the settlement--contracts of all kinds are governed by their specific language and clauses.
Generally, a contract can be modified with the agreement of *all* parties to the contract, so in theory, the contract could be modified in the way you suggest; again, though, you need an attorney to review it's language with you.
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