What to do if my 4-year-old son was in an accident and is receiving an insurance settlement of $100K?

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What to do if my 4-year-old son was in an accident and is receiving an insurance settlement of $100K?

Can I put those funds in a trust so that he can’t get to the money until he is 25 or do I have to put the money in a custodial account which will allow him unrestricted access to the money when he turns 18?

Asked on August 20, 2013 under Personal Injury, Oregon

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of most states in this country you are required to place the $100,000 in a minor's account where your son cannot have access to the account until he is 18 years of age with the exception of a court order. The court will advise you how the money is to be placed.


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