What Happens When A Minor is Involved in a Car Accident?
Most people do not know that when a minor is involved in a car accident, special legal steps must be taken in the minor’s personal injury claim.
First, Court approval must be sought, before any settlement can be confirmed. That means, once the parents have agreed to the settlement amount, the Court must also agree that the settlement amount is in the best interests of the minor child. It also doesn’t matter if the minor is a teenager and will turn 18 soon. As long as they have not reached 18 years of age, the Court must agree to the settlement terms.
Additionally, the parents cannot hold onto the settlement money for the son or daughter. That means, parents cannot invest the monies in the stock market or any other type of higher yield investment. Instead, the settlement funds for the child must be placed in an interest bearing blocked account with a local financial institution. Only when the child reaches 18 years of age can they can access that money. So, parents cannot take any money out of that account at any time.
Next time, we will discuss if whether a car is speeding is admissible in a court of law.
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