Legal Question in Personal Injury in Virginia

Need info on finding info

I am trying to research some information about what law and process is followed when a 3-year old is awarded a monetary settlement in the state of Virginia. My 2-year old granddaughter was rolled over by her neighbor's car...judge ruled that she would be awarded 50K...money is in trust and can used by legal parents for their daughter...parents are confused about process to get money, don't know where to get more information, why a bondsman or bonding company is involved, whether it is taxable, is it better to leave in trust or take an put in all in another investment...what part of Virginia law dictates the process that is followed... I am just trying to help my daughter understand her options... and where to get more info about this.


Asked on 7/12/07, 10:24 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Need info on finding info

As far as I know, the standard laws which apply to trusts and fiduciaries in general also apply to trusts of minor children. The principal is not taxable but earnings from the trust apparently are. Some caretakers of the minor apparently prefer to keep half of the award in trust and to place the other half in a so-called structured settlement. An attorney who practices in the area of trusts and estates should be able to provide you with further information as to what arrangements are likely to work best for your grandchild's particular situation.

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Answered on 7/15/07, 10:34 am


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