Lawyers In Pompano Beach, Florida Answer Questions About Car Accident Settlements
Unless you have a background in law or criminal justice, you probably don’t know all of the various details and stipulations regarding car accident settlements. If you or someone you love is injured in an auto accident, though, you’re going to want to know your rights.
Settlements For Minors Must Be Set Aside
Every state has its own set of laws regarding car accident insurance settlements, especially when it comes to minors. If you need information regarding settlement proceeds for a minor, you can be sure our lawyers can help.
In Florida, for example, an auto accident settlement regarding a minor must be set aside for him or her. There are several different ways to go about doing this, but the ultimate goal is to ensure that the minor benefits from the settlement money.
Car Accident Insurance Settlements Are Often Placed In Annuities
Because they must be maintained in such a way that they benefit the minor, annuities are a good place for car accident insurance settlements. An annuity is a conservative, safe way to invest settlement money, allowing it to grow over time, so it’s available when the minor turns 18.
There are a number of ways that a minor can redeem his or her annuity, though a judge must approve the actual settlement first in the state of Florida. Florida law also requires a “guardian ad litem” to review the settlement’s terms and ensure that they are fair to the recipient.
Everyone Deserves Representation
The court monitors settlements for minors closely because they deserve reasonable compensation for their auto accident injuries. However, even if you’re not a minor, you still deserve fair representation and the chance to earn compensation.