How can a lawyer help you with your injured child's settlement?
In some jurisdictions, children's settlements cannot usually be finalized without court approval; and if a settlement is reached, children will not receive their settlement money until they reach 18-years-old except in special situations. For these reasons, it is important to consult a personal injury lawyer before settling your child's injury case.
Your child's compensation can be protected by an injury lawyer in several ways. The first is by explaining the features of a structured settlement. This is a financial product where a registered insurance company pays a settlement to your child over a period of years and sometimes for life. The payments involved in this settlement are designed to sustain your child for a protracted period, sometimes for the child's whole life, and your child is protected from losing the settlement funds. Generally, payments will be tax free.
A second option a lawyer may explore with you is a "Henson trust." A Henson trust, sometimes called an absolute discretionary trust, is an arrangement where money is held by trustees for the benefit of a disabled child that can be beneficial in the right circumstances.
A third option is payment into court until you child reaches 18. This is often appropriate for injured teenagers where the fees for placing settlement funds in a structure would outweigh any added interest because the investment period is short.
In our experience, insurance adjusters also rarely tell you that a child's settlement has to be approved by the court until the very last minute. Court approval is required to protect the child to ensure the settlement appears appropriate relative to the injury and precedent cases and the legal fees and expenses charged by your child's lawyer are fair and appropriate in the circumstances.
An experienced child injury lawyer will know what steps to take to ensure that the proper approval of the settlement is obtained. If you are still uncertain as to whether you require a lawyer's assistance, you should never be afraid of speaking to a lawyer about the pros and cons of going it alone. Many injured victims decline to use a lawyer because they think they will not come out ahead when legal fees are factored in. Many clients are surprised to learn how much of the lawyer's fee is covered by the insurance company over and above the settlement amounts.
Whether you choose to use a lawyer or not, most personal injury lawyers offer free consultations. Take advantage of this free service to ensure you are on the right track. This information should help you make a more informed choice about the value a lawyer would bring to your case.
You must also keep in mind that in many cases, a lawyer is required to represent your child in court. This means that if you do not manage to settle with an adjuster, and you want to pursue your child's claim, you will need the help of a lawyer.
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