I hired a lawyer to file claims for 6 yr daughter car accident.?

my lawyer insists that the settlement money for my daugther be put in trust fund or a money market account unitl shes 18. because she is a minor. this is not really big amount of money, to say its over 10k and i would like an answer if there is a way not to do this anymore. As the parent i think this will be wise considering what would happen in the future if my daughter develop a medical condition caused by accident or have hers scars treated, i may need this funds for my daugher but if the money is in a trust i cant get a hold of it and i think the lawyer has greater control over this account.

No, the money to pay for medical compensation should be a seperate issue, and you should have asked for that seperately from this.

You can put it in a trust account where you would have power of attorney anyway. just refrain from raiding the coffers midway as it is her money.

Ask the local Bar Assn for another referral, this guy sounds terrible. He should get future expenses for any medical related conditions. Suggesting what to do with the money, as a controlling party is not professional.

Since you are the parent and guardian you are the one to say where the funds are to be invested under your control. A trust fund or market account should be OK.

I think you and your attorney had a break down in communication. Trust funds and guardianships are methods of owning money. Money market funds are a method of investing money. They are two different things entirely. It is your daughter's money, not yours. No court will allow you to simply "have" the money.

Most, if not all states, require a guardianship be established for the money. A few states will allow a trust instead of a guardianship. Trusts generally offer much more flexibility for the funds, both in investing and spending. Guardianships generally require much more work and cost a lot more to maintain. It is good advice to take a trust if you can.

Go back to your attorney, ask him to clarify his statement, and consider what he tells you is the law in your state.

Have the leech draw-up the paperwork to set-up a trust that is payable to her after she turns 21, or is payable to you should she need medical treatments later resulting from her injuries. Also, have the leech in question file for pain/suffering and *all* related medical expences that have been, or _may be_ incurred!

As for you not being able to obtain the funds...no trust is unbreakable. It would just require the courts assistance to do so.

Finally, have the lawyer draw-up the trust so that he has no control over it. You can name anyone you care to as a trust administrator...although you may want to avoid naming yourself or your spouse as administrator, but have it set-up so that one or both of you have to sign off on any disbursements that may be needed.

Edit: No offence explicitly or implicitly meant to the previous poster! I called the questioner's attorney a leech due to the way the question was worded and implied control of the cash the person would have! ;)