Trusts, Accounts and Conservators for a Child's Settlement in Wyoming

By the FigureMyTax Editorial Team · How we calculate

Under the Wyoming shortcut, the settlement money must be paid to the parent, guardian or conservator or into a trust or other account for the child, and used for the child's benefit. Money of $25,000 or less may also be paid to a custodial parent on a verified statement.

Where the money goes

W.S. 14-2-202(c)(iv) requires the settlement money to be paid to the parent, guardian or conservator of the minor, or into a trust or other account held for the benefit of the minor, and subsection (c)(vi) requires the funds to be applied to the minor's use and benefit.

Small estates

Under subsection (a), money or property not exceeding $25,000 belonging to a minor with no guardian of his estate may be paid to a parent entitled to custody on a written assurance, verified by the parent's oath, that the minor's total estate does not exceed $25,000. The parent's receipt discharges the payer, and subsection (b) makes it the parent's duty to apply the funds for the minor.

Conservators

For larger claims, a conservator acts under the conservatorship statutes, and a court may order an independent attorney investigation before authorizing a compromise of a ward's personal injury claim (W.S. 3-3-608). We did not read the rules on bonds, accounts or structured settlements.

What we did not find

We found no Wyoming statute on blocked accounts or structured settlements for minors. Read when a judge must approve and what we found about attorney fees, and see what is left in the Wyoming minor's settlement calculator.

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