Legal Question in Personal Injury in Illinois
i was rear ended in a accident and the case was going to court i waited two years and finally it was settled out of court two weeks before my case was scheduled. They offered my kids a settlement of no more than 1000 dollars that they would walk away with after doctor bills and legal fees. my lawyer tells me they need to set up trust funds for the kids?? For a small amount as a thousand dollars??? why? they would have to wait eleven years to get a thousand dollars???
2 Answers from Attorneys
There are two things here:
1- the settlement money must be deposited into a trust fund;
2- your lawyer has to go into the probate court and/or the trial court and get the settlement approved;
3- If the amount the child is ending up with is less than $10k, your lawyer can petition the court to give you the money. But the court has to agree.
I hope this help-
Nima is absol;utely correct. HAve your lawyer petition the trial court if possible so that you can avoid the additional expense of filing a probate case.
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