This is a question we get asked very often in cases where we represent a child.
Under the law of Maryland, if there is a money recovery by a child for any type of personal injury over $5,000, the money must be placed in a financial institution like a bank under a trust account. A trust account protects the child's money. No money can be be taken out by anyone, including the parents, unless there is Court approval.
The Court will make sure that any withdraws are for the best interest of the child. This trust account with Court approval is required in these kinds of cases no matter what.
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