My father passed as a a result of an improper surgical procedure. The insurance company has agreed to settle out of court and pay the policy limits to avoid the filing of a suit. I am my father's only child and have been appointed the representative. My grandmother is the other beneficiary who has a severe problem with gambling. Her brother passed a few years ago and she inherited $30,000. She went to various casinos and depleted the money within 2 months. I fear that with a larger amount (six figure settlement) she will do the same. As the representative, what legal rights do I have to enforce that she receive structured payments on a monthly basis. This money was a result of the death of my father and I wanted to ensure that it is used properly.
My grandmother and I are very close and want to take the best possible route to not damage the relationship while ensuring that she is responsible with the money.
Personal Injury Lawyer
Reach an agreement with grandma where the money stays in trust for both of you. A certain amount can be disbursed initially and yearly thereafter.
Jonathan N. Portner, Esquire, Portner & Shure, P.A. Maryland and Virginia Personal Injury Attorneys. This response is general information and not legal advice, and does not create an attorney-client relationship. This response should not be relied upon. Please note that no attorney-client relationship exists between the sender and the recipient of this message in the absence of either (1) a signed fee contract and (2) remission of an agreed-upon retainer. Absent such an agreement and retainer, I am not engaged by you as an attorney, nor is any other member of my law firm
Personal Injury Lawyer
Are the two of you represented by the same attorney? Discuss these issues with your attorney. Generally speaking it really isn't up to you how the proceeds are paid to your grandmother and unless she is declared inconpetent then it is her choice.
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I agree with my fine fellow attorney. On a side note, anytime anyone says you are getting the "policy limits" ask for the declaration page for the policy that shows it.
I am an Arizona attorney. AVVO does not pay us for our responses. Simply because I responded to your question does not mean I am your attorney. In Arizona a non-lawyer is held to the same standards as an attorney so there are dangers to representing yourself. This is for informational purposes only and should not be considered as legal advice. If you require legal assistance an in depth discussion of your case is needed as there are many other issues to consider such as defenses, statute of limitations, etc.
Securities / Investment Fraud Attorney
Speak to your attorney about working with an estate planning attorney and financial planner in your area to put together a "settlement trust." In many cases, financial products such as annuities, etc. are used to prevent dissipation of assets from such settlements, and of course there is the implemetation of death benefits, which is likely important given your grandmother's advanced age. My Maryland admitted colleagues can certainly assist.
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.