Whenever a minor receives money or other property of value, from an estate, a life insurance policy or a wrongful death settlement the Probate Court must approve the application. If the amount is $10,000 or less the money can be deposited for the benefit of the child and may not be used for the childs benefit without prior approval of the Court.

f the amount is greater than $10,000 then a guardian of the estate of the minor must be appointed.

If the minor is receiving monies as a result of an injury, the application must be approved by the Court prior to any releases being signed by a parent or guardian regardless of the amount.