There is a law which acts for the interest of minors who have been the unfortunate victims of personal injury cases. Since children are unable to act on their own, there are certain legal protections afforded to them. A legal guardian may be appointed when the amount of settlement exceeds a certain threshold value.
Whenever the settlement value of an injury claim falls above the amount $15,000.00 but the damage proceeds to the injured minor is less than $15,000.00 and the amount of settlement is reached before even the lawsuit has been filed then there is no need for court approval. These kinds of personal injury claims do not depend upon the statement of the biological/legal guardians of the injured child.
If the compensation settlement amount is lesser than $15,000.00 and the settlement is quickly reached before a lawsuit is filed then the injury claim processing can be finished even without involving the guardians of the minor. See Compensation Lawyers
Usually the norm is that the legal guardian and the property guardian are one and the same. This individual is fully responsible for collection of the financial amount of the finally judged compensation deal. All required releases are executed by the minors’ guardian. The court generally retains full legal control over the minors’ settlement. The money is usually put in a conservative account and handed over to the minor when he/she reaches maturity. Until then the guardian will manage the funds on behalf of the minor.
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