A minor's Blocked Account in California is any bank account in any U.S. federally insured bank (or any deposit in a Triple AAA rated Investment Vehicle such as an annuity, etc.) in which the account where the settlement funds from a bodily injury settlement are deposited for the benefit of the minor child, and withdrawal of any settlement funds is blocked unless approved by the California Superior Court, or until the minor child turns 18 years old in which he or she would have full access to all settlement funds.
The goal behind blocked accounts in California is to protect the settlement funds from any unscrupulous interest (this includes parents or close family members) since the settlement funds are the child's settlement funds. If early withdrawal (before child turns 18 year old) is needed, substantial need would need to be demonstrated by the Guardian Ad Litem of the child with substantial proof that the withdrawal of funds would directly benefit the child (for tuition, or the like).
Mark Blane and his team are dedicated to protecting the legal rights of injury victims throughout California.
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