Question for parents who won their lawsuit

[Dylecia]

My question is when you won your lawsuit did the money have to go into a trust fund until your child reaches a certain age? Our lawyer has filed our case and I hope that things begin to move more quickly because really I am just ready for this part of our life to be over so we can move on and look towards the future. If there is anyone who can elaborate on what they had to go thru after winning their case please reply.

Thanks to all....Dylecia

[SpeelmanC]

ours went to a trust fund...

[admin]

After the case is settled or you win at trial the child will receive funds and you can purchase a structured annuity and/or set up a trust. We decided doing both would be in our child's best interest. They do not hold on to the money. The annuity/trust is in the child's name, no matter how young. Trustees (in our case mom and dad) oversee the trust along with the courts.

[Karrie in MD.]

When we settled last year, it went into a trust until Kyle is 18. At that age he will get a amount, twice a year for 5 years to pay for college. Then he will get a lump sum at ages 25, 30 & 35. We also got some up front that went into a fund to be used for his medical needs now.
Karrie