Protected Deposits and Structured Settlements for a Child in Oklahoma

By the FigureMyTax Editorial Team · How we calculate

Oklahoma requires a child's settlement money to be deposited in an insured institution, a trust or a structured settlement, and until the child turns 18 it can be withdrawn only by court order. An Oklahoma College Savings Plan account is another option.

Where the money may go

12 O.S. 83 lists federally insured banks, credit unions and savings and loans, a trust for the child approved by the court or established by a bank or trust company with trust powers, and a structured settlement paid by an annuity from a licensed Oklahoma insurer. A portion may go into an Oklahoma College Savings Plan account with the child as sole beneficiary.

Withdrawals

Until the child turns 18, withdrawals are made only by court order made in the case, or by filing an action if no case was filed, or on the child's death. The district court has jurisdiction. If a legal guardian was appointed first, the guardian may petition for the funds to be transferred, subject to reasonable safeguards.

Banks and affidavits

A bank receiving the money completes a receipt of deposit and may accept the parent's affidavit without further investigation. The parent keeps the affidavit until the child reaches majority, and a lawyer keeps it until one year after the child turns 18.

What we did not find

We did not read local court rules on bonds or accounting. Then read why and when a court approves and what we found about attorney fees, and see what is left in the Oklahoma minor's settlement calculator.

This is general information, not legal advice, and the state comparisons above are illustrative, not an exhaustive survey. Confirm how Oklahoma's rules apply to your specific case with a licensed Oklahoma attorney.