What happens to minor’s compensation?
Judges will only approve a settlement if they are certain the minor will receive the compensation. The only way a judge can insure this is to make sure the funds are invested and not received until the minor reaches the age of 18. In some instances, it is beneficial to invest the money in an annuity so it can accrue interest and grow. In other situations, the money will be held in the clerk’s office so that the minor can receive the entire amount when they turn 18. Whether to purchase an annuity or invest the proceeds in the clerk’s office will depend on how much money is available, how long it could be invested, and the preferences of the parents and guardian ad Litem. We will help you make the best decision possible for you and your child.