If my minor son receives a settlement from the insurance company, can he use the money now or will he have to wait until he is an adult?

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If my minor son receives a settlement from the insurance company, can he use the money now or will he have to wait until he is an adult?

He was bitten by a dog.

Asked on April 10, 2012 under Personal Injury, North Carolina

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You will need to be appointed guardian ad litem to represent your son's interests in the settlement.  There will be a hearing called a minor's compromise in which a court will determine how to safeguard the funds for your son until he is eighteen.  The court might order the funds to be deposited with a financial institution or perhaps set up an annuity or perhaps set up a trust for your son until he is eighteen at which time he can receive the funds.  There may be other financial arrangements that the court might order.  I have only listed a few examples.


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