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Injury settlement reduced so funds will not go to trust?
My children were offered 12 thousand a piece in a car accident, the adjuster said if i accept 10,000 a piece then the money will not have to go in a trust fund and they can spend the money as they like. We live in Kentucky, is this true?
It’s possible that your children will have to go to court and have the court appoint a trustee to set up a trust for the funds. They are entitled to this money, and not the parents, so the insurance company is concerned with this money not actually reaching them (and being liable to them when they reach adulthood).
However, even if this is true, you should not settle for less because the need of a trust fund. They are entitled to what they are entitled to, regardless of the trust situation. You really need to contact an attorney to help you with this process. Do note that insurance companies use strategies like this one so you settle for less. Contact a lawyer so you know exactly what your rights are.
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