Wrongful Death Settlement And Minor Trusts  

Wrongful death can occur as a result of many different kinds of negligence, including auto accidents, motorcycle accidents, large truck accidents, medical malpractice, construction site accidents, defective products, SUV rollover, and pedestrian accident.

The Wrongful Death Act enables a minor to recover financial compensation for lack of parental guidance and care, if one or both parents die due to the accident.. When a child or minor exercises this right to claim damages under the Wrongful Death Act, approval of the probate court is necessary in settlement of the minor's claim, or the right to receive such property. 

Where the total value of money received from the inheritance is $10,000 or less, it may be deposited in a restricted account on behalf of the child.  By total value is meant the aggregate sum of several sources. This includes the settlement itself, any inheritance from the estate, the proceeds of a life-insurance policy a personal injury claim or receipts under any other head.

When the amount exceeds $10,000 the court appoints a guardian for the estate of the minor. This at the courts discretion may also be the parents.  Whatever the settlement, the consent of both parents is required. In addition, the settlement has also to be approved by the probate Court.  The natural parents have no inherent right to consent by virtue of their relationship.

On reaching the age of 18 or attainment of majority, depending upon the laws of the state concerned, the amounts held by the guardian or parents on behalf of minor is immediately released.

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Wrongful Death Settlement And Minor Trusts

Personal Injury :

Wrongful-Death-Settlements-And-Tax-Implications      It is necessary to know at the outset what exactly qualifies as a wrongful death. For a death to be termed as wrongful and to claim for a compensation settlement arising thereof, it is necessary for the relatives to prove negligence on the part of the defendant which was the cause of the wrongful death. More..




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