What can I do with my minor child's settlement money?

Asked over 1 year ago - Springfield, MO

My 15-year-old was given an $1,800 settlement for an accident she was in here in Missouri. The check was made out to me. I've deposited it into a savings account with her name on it also. I assumed it could be used for her extra expenses such as cheer-leading costs, etc. She is in agreement with this. Is that allowed? I was never told weather there are "rules" for this or not.

Attorney answers (4)

  1. Melvin G. Franke

    Contributor Level 13

    5

    Lawyers agree

    Answered . You are suppose to go through the court. You are lucky to avoid that. Just amke sire that you spend the money on her.

  2. Christian K. Lassen II

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . Do the right thing and save it for her, and let the interest compound. You wouldn't want anyone spending your money now would you?

    Only 29% Contingency Fee! Phone: 215-510-6755 www.InjuryLawyerPhiladelphia.com
  3. S. David Rosenthal Esquire

    Pro

    Contributor Level 18

    5

    Lawyers agree

    1

    Answered . If you had an attorney, he/she should have told you what rules may apply in the State of Missouri. However, if there were no restrictions placed on the account by a court supervising the settlement, then it would seem the money belongs to your daughter and she can use it with your approval as you deem necessary.

    Good luck.

  4. Daniel Nelson Deasy

    Contributor Level 20

    5

    Lawyers agree

    Answered . That depends on whether there are court orders on how to deal with the money. If there are orders, you must comply. If not, it seems to me that you can use the dollars in your daughter's best interests. Make sure you account for the dollars. Of course, if you had an attorney at the time you settled your daughter's case, you need to speak to that attorney about how to handle things.

    Good luck!

    Dan

    In no way am I offering you legal advice, and in no way has my comment created an attorney-client relationship.... more

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