Structured Settlements Definition

Settlements involving minors settlements involving the claims of minors present several procedural and ethical issues for the attorney. Durham north carolina i.

Settling Claims On Behalf Of Minors Incompetents And In

Structured Settlements What Is A Structured Settlement

Settlements for minors in north carolina.

Structured settlements for minors in nc. How structured settlements work in the case of minors before structured settlements minors involved in personal injury accident and other case types with cash awards were generally granted lump sum payments. Because they were minors and not legally able to accept payments on their own the money was given to their guardian or parent. Written by jeffreyhoward on october 22 2012posted in north carolina law blog. The key difference between an adult owning a structured settlement and a minor owning one is control. Structured settlements for minors are usually paid through an annuity from a life insurance company just as for adults. But before a court may approve a minors settlement it must have jurisdiction over the underlying action. When an minor someone under the age of 18 has a civil claim personal injury etc in north carolina and the parties want to settle the claim generally its not as easy as signing some stuff and being done with it. North carolina courts have inherent authority over the property of infants and will exercise this jurisdiction whenever necessary to preserve and protect childrens estates and interests creech 147 nc. Structured settlements for minors parents can file a personal injury lawsuit on behalf of children that were injured or otherwise negatively affected by an incident and the courts may award children financial compensation in the form of a structured settlement annuity. Because your client is a minor he or she cannot be bound by contracts such as releases if the minor chooses to disavow the contract after the minor reaches the age of majority.