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gammamcg

insurance distribution after fatal accid

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My daughter was killed in a car accident in June. She was 27 and left a son who is now 10. My husband and I are in our 60s and will now be raising our grandson. (Dad's a deadbeat.) We are going to be getting a settlement of less than $300,000. Our attorney wants to distibute in the following manner:

2/3 to our grandson, to be put in a court-supervised account. The money will be his when he's 18.

1/3 to us. We feel quite frustrated by this because:

1. It's expensive to raise a child. We've done it twice and thought we were finished. We planned our retirement and are on fixed incomes. We feel we could use more than 1/3 to help us raise him.

2. He will be immature at age 18, especially since he has ADHD. We have seen this scenario before. Our daughter got an insurance settlement when she was 21, and it really did her no good!

Our attorney says his hands are tied by the courts. Does this distribution seem right? i'd really like some other opinions. We are in Arizona by the way.

Gamma

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Does this distribution seem right?

"Right" is a very subjective term, but objectively a distribution of the type you describe is in line with what typically happens when a minor receives a settlement. In fact, in many cases the entire settlement is placed into a blocked account. Laws do vary from state to state with regard to minor settlements, so your attorney is in the absolute best position to advise you as to whether this settlement distribution is in line with the laws of your state.

Some states do allow for the minor's guardian to petition the court for a distribution to pay for the minor's expenses. This typically involves demonstrating to the court exactly what the money will be used to purchase and why it is a necessity. Again, your attorney is in the best position to advise you as to how you might be able to petition the court in your circumstances.

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