Compensation query

mrsoft

I hope I'm in the right place for this.

My son received a substantial compensation pay out a few years ago to become payable when he is 18 years old. A opportunity to purchase a site closeby has arisen and I would dearly love to purchase it for him. If it was a few years on we'd be able to afford it ourselves as our own mortgage would be paid off.

Does any know if it is possible to buy this for him from his compensation?

schemingbohemia

Does he want it?

mrsoft

schemingbohemia wrote: »

Does he want it?

He doesn't know about either the money or our intentions to buy this for him.

Sinister Kid

I know buying the site on behalf him is a wise thing to do & in his best interest but you really should be asking him what he wants to do with his money. That's why it was trusted to him when he is 18 & not to you.

schemingbohemia

You'll have to ask the solicitor and probably have to go to court to get permission to purchase the site.

mrsoft

Sinister Kid wrote: »

I know buying the site on behalf him is a wise thing to do & in his best interest but you really should be asking him what he wants to do with his money. That's why it was trusted to him when he is 18 & not to you.

The reason we (me and my wife) haven't asked him is because he is too young to make decisions like this. I haven't told him about his compensation because we wanted to keep him on the straight and narrow as long as possible before he sees the money. Ideally we would like to have him settled in college but that might not be possible.

Really all I need to know if this is possible or are we wasting our time even pursuing it.

mrsoft

schemingbohemia wrote: »

You'll have to ask the solicitor and probably have to go to court to get permission to purchase the site.

Ok thanks. I'd have no problem doing that.

piplip87

I don't know the details surrounding the case so forgive me if I get anything wrong.

If he has his sights set on a career, is there going to be employment nearby in his chosen field ? There is no point having a site close to you if he cannot get employment.

What is the likelihood of him staying around once school/collage is finished ?

At the end of the day when he hits 18 he will get this money and he will have to chose his own path, being tied to an area he may not want to stay in could cause problems further down the line.

Then again he could buy locally himself.

mrsoft

piplip87 wrote: »

I don't know the details surrounding the case so forgive me if I get anything wrong.

If he has his sights set on a career, is there going to be employment nearby in his chosen field ? There is no point having a site close to you if he cannot get employment.

What is the likelihood of him staying around once school/collage is finished ?

At the end of the day when he hits 18 he will get this money and he will have to chose his own path, being tied to an area he may not want to stay in could cause problems further down the line.

Then again he could buy locally himself.

Genuinely don't know what his chosen career will be however he will be curtailed in that regard due to his accident. However I will say that we live within 30 minutes of a city therefore he would have options.

Maybe this is a decision we can't help him make at this moment in time. We are just looking down the line to when he turns 18 and thought something close would suit him perfectly when that time does come.

Or maybe we'll just forget about it.

adamk2345

piplip87 wrote: »

I don't know the details surrounding the case so forgive me if I get anything wrong.

If he has his sights set on a career, is there going to be employment nearby in his chosen field ? There is no point having a site close to you if he cannot get employment.

What is the likelihood of him staying around once school/collage is finished ?

At the end of the day when he hits 18 he will get this money and he will have to chose his own path, being tied to an area he may not want to stay in could cause problems further down the line.

Then again he could buy locally himself.

As a teenager who got compensation before, I knew it was waiting for me in the four courts only because my solicitor told me. I didn’t get any post or notification letting me know I could avail of it. It was also a very long process nearly 2 months. So unless the child is told by his parents he/she will not know about their money. And OP I used the money to buy insurance and a very nice car. 2 years later it’s worse decision I’ve ever made

Mr. Incognito

The reason the money is in Court until he is 18 is that it is his money and not his parents.

You can apply to the Court to have it paid out but unless the property is going in his name (which is not possible until he is 18) the Judge will be unlikely to sanction it.

Go speak to the solicitor that handled it.