Today, we continue our blog series where we do our best to answer recurring questions we’ve heard over the years. To see previous posts in this series, click here.
In the case of settlement on behalf of a minor, Ohio law requires a person to seek approval of the settlement by the county probate court where the child resides. Generally speaking, the parent or parents of the minor will serve as that person, though it could also be a legal guardian who is not the natural parent.
At The Richards Firm, we handle most minor settlements on behalf of our clients at no additional charge. We prepare the application, which will outline the settlement amount, the fee, case expenses, any outstanding bills or other interests to be paid, and the net proceeds to the minor.
Probate courts have different requirements depending on the county, so knowledge of the local rules is extremely important. The Richards Firm prides itself on knowing the nuances in the various local probate courts in Southwestern Ohio. For instance, several local courts require a report from the treating medical doctor to confirm the minor’s recovery, and we go above and beyond to obtain that information as quickly as possible.
Many area probate courts will require that settlement proceeds be deposited into a custodial savings account in the name of the minor to be accessed when he or she turns 18.
In the case of significant proceeds, the probate court may also consider approving the proceeds being deposited into a structured settlement that would provide for periodic payments to the minor at certain ages or stages of life after he or she turns 18. The Richards Firm has used several companies over the years to obtain the best options for structured settlements for our clients.
If your minor son, daughter, or person for whom you act as guardian has suffered injury as a result of a vehicle or truck accident, dog bite, defective product, defective premises, or by some other means, The Richards Firm is here to help. For a local, trustworthy personal injury attorney in Hamilton, Ohio and the surrounding communities, contact us at 513-868-2731 or visit us our contact page here.