What happens to the money in an infant settlement case in Kingston, New York?
Every infant settlement in New York requires Court approval of the settlement. This means that the Court will review the settlement in order to ensure that it is in the best interests of the child and that the settlement funds will be invested in accordance with the requirements of the law. The Judge signs an Court "Order" approving the settlement and the Order specifically directs that the child's portion of the settlement be invested only in government insured bonds until the child reaches "the age of majority" (a fancy term for "adulthood" or age 18).
If the lawyer or parent of the child fails to comply with the Court's Order, then there is a serious problem. The purpose of New York law is to ensure that the child's settlement money is invested in the safest manner possible in order to ensure the funds will still be there when the child reaches age 18.
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