Protecting Minors: Understanding Conservatorships for Settlement Funds
When minors receive settlement funds, whether from a personal injury case, inheritance, or other legal matters, it's crucial to ensure that their best interests are protected. These funds can provide financial support for a child's future needs, but without proper management, they may be vulnerable to misuse or depletion. At John B. White Jr. P.A., we specialize in safeguarding the interests of minors who receive settlement funds through the establishment of conservatorships. In this blog post, we'll explore what conservatorships entail and why they are essential for protecting minors' assets.
1. What is a Conservatorship?
A conservatorship is a legal arrangement in which a court appoints a responsible adult, known as a conservator, to manage the financial affairs and assets of a minor or incapacitated person. In the context of settlement funds, a conservatorship ensures that the funds are used wisely for the minor's benefit until they reach the age of majority. The conservator is tasked with making financial decisions and prudently, investing the funds for the future benefit of the minor.
2. The Importance of Conservatorships for Minors with Settlement Funds:
When minors receive settlement funds over $15,000.00, a conservator must be appointed for the funds to be disbursed as a lump sum. Without proper oversight, these funds could be susceptible to mismanagement, exploitation, or depletion before the minor reaches adulthood. A conservatorship provides a layer of protection by ensuring that the funds are managed responsibly and used exclusively for the minor's benefit. By appointing a trusted conservator, the court helps safeguard the minor's financial future and prevent potential exploitation or financial hardship.
3. Establishing a Conservatorship:
Establishing a conservatorship for a minor who receives settlement funds typically involves petitioning the probate court for appointment. The court will evaluate the minor's circumstances, the amount of the settlement, and the proposed conservator's qualifications and suitability for the role. Once appointed, the conservator is required to adhere to strict fiduciary duties, acting solely in the minor's best interests and providing regular accountings to the court.
4. How John B. White Jr. P.A. Can Help:
Navigating the legal complexities of establishing a conservatorship can be daunting, but you don't have to go it alone. At John B. White Jr. P.A., we have extensive experience assisting families with establishing conservatorships for minors who receive settlement funds. Our compassionate and knowledgeable attorneys will guide you through every step of the process, advocating for the minor's interests and ensuring that their assets can be protected for the long term.
Settlement funds can provide valuable financial support for minors, but without proper management, those funds may be at risk. A conservatorship offers a legal mechanism to protect minors' assets and ensure that they are used responsibly for the minor's future benefit. If your child has received settlement funds, don't hesitate to reach out to John B. White Jr. P.A. for expert legal guidance on establishing a conservatorship. Your child's financial future is too important to leave to chance.
Blog Post Written By Attorney Griffin Littlejohn Lynch
Learn About Griffin Littlejohn Lynch
Griffin received her juris doctor from the University of South Carolina School of Law and has worked with John and current partner Marghretta Shisko for over a decade. She assisted John in obtaining the $327 million jury verdict* against Ortho-McNeil-Janssen Pharmaceuticals in 2011, and she has continued her practice alongside John and Marghretta to advocate for a variety of clients in state and federal court. Griffin currently serves as a trustee on the School Board for District 7 Schools.
*Any result the lawyer may have achieved on behalf of one client in one matter does not necessarily indicate similar results can be obtained for other clients.
