Restricted Bank Account
A minor child’s proceeds from a lawsuit may need to be placed in a restricted account until the minor child reaches the age of eighteen. Frequently, the settlement from insurance companies and other adverse parties are subject to court supervision; this is also known as Probate.
When a minor child’s claim is submitted to Probate Court, a conservator must be appointed. The conservator, normally a parent of the minor child, is then required to place the funds in a restricted account that prevents any funds in the account from being withdrawn until the minor child reaches 18 years old. It should be noted that the funds are not completely restricted from withdraw; however, any withdrawal must be approved by the Probate Court before any funds will be released to the conservator.
Alternatively, if the settlement is larger and the minor is quite young, the court may consider a Structured Settlement.
We represent clients throughout the state of Arizona and are ready to assist you through this difficult time. If your child was injured in an accident, please call the Law Offices of Michael Cordova at 602-265-6700. Our Phoenix Personal Injury Lawyers offer a free, personal, and confidential consultation to answer any questions and to explain your rights.