Did you know that in the U.S., 39.5 million injury cases need medical treatment every year?
An accident can alter the course of your life, especially if you’re young. The brain is still developing in children and teens. Their bodies are also not as developed as adults, making them even more vulnerable to injuries.
Are you wondering what happens to your personal injury case if you’re a minor? Can you still get a substantial personal injury settlement if you’re young?
This article will cover the ins and outs of personal injury settlements for minors. Read on to learn more!
Obtaining Legal Counsel
When minors are involved in a personal injury case, they are not legally allowed to make any settlement decisions. Obtaining legal counsel is necessary. This ensures that a minor in such a situation receives the best outcome possible.
An attorney can advise on the possible settlement terms for which a minor may be eligible. They will help to negotiate a fair amount for the minor.
It is also essential to make sure that no additional paperwork needs to be filed. This is because minors are not legally allowed to sign any legal documents.
A personal injury lawyer can assist in ensuring that any settlement received for the minor is invested wisely. With the proper legal assistance, minors can rest assured that any settlement received will be put to the best use possible. If you need the help of the best lawyer, you can visit stevedimopoulos.com.
Structured Vs. Lump-Sum Settlements
When it comes to personal injury settlement for an injured minor, parents should be aware of the various types of settlements available. Structured settlements provide a set of periodic payments. It is designed so that the minor can receive support for the duration of lump-sum settlements and provide a single payout equal to the claim’s total value.
The main benefit of structured settlements is that the minor will have long-term financial stability since the payments are designed to last until the minor reaches the age of 18 or 21. However, the downside of this type of settlement is that the minor may be unable to access all the funds simultaneously.
A lump-sum settlement can give parents greater control but may not protect the minor’s financial future. Parents need to discuss both options with an experienced personal injury attorney and make a decision that gives the minor the best outcome.
Factors that Affect the Settlement Amount
When a minor faces a personal injury case, their settlement can be affected by many factors. Aside from the severity of injuries, the minor’s age, insurance coverage, how long the case has been going on, and the availability of witnesses will be considered.
The settlement amount may also be lowered by either the party’s insurance coverage or the availability of funds for the dispute. Additionally, a minor’s settlement could be affected if they have a pre-existing condition that impacts the case outcome.
Understanding all the forces affecting the personal injury settlement for a minor to receive the best possible agreement is essential.
Understanding Personal Injury Settlements for Minors
Personal injury settlements for minors can benefit a child with medical expenses. As a parent, it is essential to understand the legal processes that go into settling a case. Contact a personal injury lawyer to ensure you do what is best for your child.
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