Insured Accounts and Conservators for a Child's Settlement in West Virginia

By the FigureMyTax Editorial Team · How we calculate

After initial expenses, the remaining settlement is net settlement trust proceeds. If they are less than $25,000, the court may order them deposited in insured accounts in the child's name at a West Virginia institution, payable only at majority or on court order. The court may also appoint a conservator.

Insured accounts

W. Va. Code 44-10-14(g)(4) says that if the net settlement proceeds are less than $25,000, the court may order them deposited in interest-bearing certificates of deposit, accounts or securities fully insured by federal deposit insurance, at a regulated financial institution with its principal place of business in West Virginia, in the minor's name, payable only to the minor on reaching majority. The bank must acknowledge the deposit to the clerk within ten days, and may release funds only to the minor at majority or on court order.

Reporting

Within 60 days of the order, the person paying initial expenses must file a statement of those payments and an inventory of the net proceeds with the county's fiduciary commissioner or supervisor, and the clerk sends a certified copy of the order there.

Conservators

Under subsection (h), the court may appoint a conservator responsible for the investment and control of the net proceeds until the minor reaches majority or later. The conservator may be a guardian or another responsible person, and the court decides the amount and necessity of a bond. Neither the principal nor the income may be used for the minor's maintenance during minority absent unusual circumstances or special needs stated in the order.

What we did not find

We found no West Virginia provision on structured settlements for minors and did not read the fiduciary commissioner rules. Read why a circuit court must approve and how the court sets the attorney fee, and see what is left in the West Virginia minor's settlement calculator.

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