Re: Settlement for a Minor
He wants the money now for what? Video games? Psychological counseling? I would expect the court to approve a request for a release of funds necessary to pay for counseling.
You'll be able to seek permission to use the money for the minor's benefit before he turns 18, but you've given us no sense that the minor has any needs that might go unmet if you're not allowed to spend the money.
Re: Settlement for a Minor
And trust me, when he turns 18 and is ready for college or a job, he'll be very grateful to have that money tucked away.
Re: Settlement for a Minor
I'd further suggest that you petition the court that the money be placed in some type of investment account rather than a regualr savings account. Some states have college savings accounts that garner a decent return on the money. Bank CD's, or bonds can also be beneficial without risk. Although I'm sure your son would be happy to have some spending money now, I agree that it will be difficult to get the money if you can't show a need for it. Plus having money for the future will pay off in the long run. Research some of the higher end interest bearing accounts and see if you can't come up with something that will pay off even more.