Accepting a settlement in a personal injury lawsuit is usually a celebratory moment. Often years in the making, it can provide a sense of relief and marks the beginning of a new chapter. Access to additional resources often means the future looks brighter, but some important planning is necessary to avoid unexpected challenges down the road.
There are special rules that apply to the use of settlement funds for people who do not have the capacity to manage those funds on their own. These special rules apply to all children under the age of 18 years and to any adult who lacks the required capacity to handle money. The use of settlement funds for this group of people must be approved by and will be monitored by the courts. Someone called a “guardian” must be appointed to supervise the use of the money and to be the intermediary between the individual and the courts.
As a firm committed to full-circle care, Gluckstein Personal Injury Lawyers understands that the decisions made at the time of settlement, including the choice of guardian and the required plan for the use of the settlement funds (called the “management plan”), will have far-reaching and long-lasting implications. It is important that those responsible for managing the finances of people under guardianship arrangements know what will be expected of them. It is also important that they understand their responsibilities as a person in a position of trust, as well as the purpose of a management plan.
This resource guide will help our clients and others better navigate the challenges that follow the settlement of a personal injury lawsuit when a guardian is required. The following are included in the guide:
- key terms in the guardianship process
- the steps involved in post-settlement planning
- the roles and responsibilities of those involved in guardianships (including third party lawyers and government organizations)
- what is a structured settlement
- how management plans are created
- information and insights on the passing of accounts
- advice from other guardians
This guide has been prepared by Gluckstein Personal Injury Lawyers and is intended to inform and educate readers about the post-settlement process. That being said, each case is unique and legal advice should be obtained from lawyers with knowledge of your particular situation.
