SF0010

Authorizes parents and guardians to enter into binding settlement agreements on behalf of minors up to $25,000 without court approval, subject to specified conditions and limitations.

• Increases the amount of property that may be paid or delivered to a minor without a conservator from $5,000 to $25,000 per annum. (W.S. 3-3-108(a), Sec. 1)
• Increases the amount of a minor's estate that may be paid or delivered to a parent from $3,000 to $25,000 without appointing a guardian or conservator. (W.S. 14-2-202(a), Sec. 1)
• Authorizes a parent, guardian, or conservator to enter into binding settlement agreements on behalf of a minor for claims up to $25,000 without court approval or establishing guardianship, provided no guardian or conservator has been previously appointed and the minor is not emancipated. (W.S. 14-2-202(c), Sec. 1)
• Requires settlement payments to be made either to the parent, guardian, or conservator, or into a trust or account held for the minor's benefit. (W.S. 14-2-202(c)(iv), Sec. 1)
• Requires the parent, guardian, or conservator to attest in an affidavit that they made reasonable inquiry into the minor's claim and that the claim does not exceed $25,000 (excluding fees and costs) or that the minor will be fully compensated or unlikely to recover additional amounts. (W.S. 14-2-202(c)(v), Sec. 1)
• Makes a settlement agreement executed in compliance with the requirements binding on the minor without further court approval and with the same force as if executed by a competent adult. (W.S. 14-2-202(d), Sec. 1)
• Creates a cause of action for a minor against a parent, guardian, or conservator who fails to manage funds for the minor's benefit, fails to make reasonable inquiry into the claim, falsely states the claim amount, or otherwise violates the settlement requirements. (W.S. 14-2-202(e), Sec. 1)
• Limits the application of the act to settlement agreements entered into on or after the effective date. (Sec. 2)

Effective: July 1, 2025

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