There are a number of ways a child can obtain a personal injury. The legal process can be stressful and time consuming, especially following a significant accident that has caused your child harm. Once an personal injury lawyer Miami, FL residents trust has successfully navigated you through the settlement process, you will need to consider how to manage the money that your child has been awarded. This can feel like a daunting process that may require the help of your attorney in safeguarding your child’s settlement.
Common Reasons for Child-Related Personal Injuries
It’s highly emotional to support a child through a time when you are significantly concerned with their emotional and physical well-being. In some cases, the injury may be so significant that you either worry for your child’s life or the lifelong disabilities that they are at risk of suffering. Common personal injuries involving children include:
- Birth-related injuries
- Product Liability cases involving defective toys
- Daycare related accidents
- Accidents in public spaces such as: parks, playgrounds, etc.
- Injury from trespassing on someone’s property
Each instance involving a child can bring forth different results. Attorneys are helpful in figuring out how to manage the curveballs that may come your way. If you believe someone may be responsible for the personal injury your child has suffered, it will be vital to immediately speak with an attorney. The expenses from a personal injury can have a serious financial impact on a family
You May be entitled to a Portion of the Settlement
As the parent to the child who was injured, you likely suffered damages as a result of their injury. Because of this, you may be entitled to a portion of the money that is awarded to your child. Common ways parents may shoulder some of the expense includes:
- Medical expenses
- Lost wages from time away from work
- Attorney’s fees
In almost every situation the money is not freely given to a parent. When a settlement is obtained, money is set aside for expenses that the parent took on as a result of the injury. The rest of the money is allocated for the child when they reach the age of 18.
Your Child’s Settlement Money
It’s valid to wonder how your child’s settlement will be managed until they turn 18. Once a child receives a settlement; the court will appoint someone to oversee the funds. In most cases, this responsibility falls on the parents. Oftentimes, the court will dispense the award into two lump sums. The first payment will cover the cost of any expenses that resulted from the injury. The second sum of money, is likely to be put into a trust until the child is of age. This sum of money is for any future medical expenses. When money is awarded to a child, tensions between can rise, especially with divorced parents. However, it’s important to note that in most situations, the parent with primary custody is the one who oversees the award. The parent with control over the money must keep in mind that the award is the child’s, the parent is merely managing it until the child reaches adulthood.
Obtaining a large settlement from a personal injury for your child can provide you with a sense of relief that the legal process has finally come to a close. When determining how to manage your child’s personal settlement, your attorney should be able to provide you with guidance and insight regarding next steps.
Thank you to our contributors at Needle & Ellenberg, P.A. for the above information.