When a minor is injured in an accident, the legal process becomes more complex, particularly when it involves the management of settlement funds. In Illinois, courts often require the appointment of a Guardian of the Estate to oversee and manage any settlement proceeds on behalf of a minor. This legal guardian is responsible for handling the minor’s financial interests and ensuring the settlement funds are used in a way that benefits the child, both immediately and in the future. At John J. Malm & Associates, we assist families in navigating this process to ensure that their child’s best interests are protected and that any settlement funds are handled responsibly.
What is a Guardian of the Estate?
A Guardian of the Estate is a court-appointed adult, often a parent or a trusted family member, who is given the legal authority to manage the financial affairs of a minor. In the context of a personal injury settlement, a Guardian of the Estate is appointed to manage the settlement funds on behalf of the minor. This differs from a guardian ad litem, who is appointed to represent the minor’s interests in legal proceedings; a Guardian of the Estate specifically handles the financial aspects after a settlement is awarded.