Petition For Leave To Settle Or Compromise Minors Action Page 7
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94‐14‐16
a. To:__________________________, Esquire
$_____________
Reimbursement of Costs
b.
To:___________________________
$_____________
Costs
c.
To:_____________________, Esquire
$_____________
Counsel Fees
d.
The balance, the sum of $_____________ payable to _____________________,
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A Minor, shall be distributed as follows
:
OPTION 1
To:_____________________, Guardian of the Estate of _____________________, A
minor; provided, however, that no payment shall be made to the guardian until the guardian
has posted additional security as required by the Orphans' Court Division of ____________
County pursuant to 20 Pa. C.S. §5121, et seq. An appropriate Petition shall be filed with the
Orphans' Court within thirty (30) days.
OPTION 2
Counsel is hereby authorized to execute all documentation necessary to purchase saving
certificate(s), from federally insured banks or savings institutions having an office in
Philadelphia County, in the sum of $______________, each not to exceed the insured
amount, with the funds payable to the minor upon majority. The certificate shall be titled
and restricted as follows:
_____________________, a minor, not to be redeemed except for renewal in its
entirety, not to be withdrawn, assigned, negotiated, or, otherwise alienated before the
minor attains majority, except upon prior Order of Court.
Counsel shall open a savings account in the sum of $_________________ in the name
of the minor. The savings account shall be titled and restricted as follows:
_____________________, a minor, not to be withdrawn before the minor attains
majority, except for the payment of city, state, and federal income taxes on the
interest earned by the savings certificate and savings account, or upon prior Order of
Court.
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In the event a portion of the settlement is payable through the purchase of an annuity, set forth the credit rating of the entity
which assumes responsibility for future payments, the present cost of the annuity, as well as the periodic and lump sum
payments.
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