Settlement of Actions Involving Minor Children Act of 2024

This bill updates how settlements for minor children in the District of Columbia are handled by replacing a mandatory guardianship system with a flexible investment framework. It requires court approval for any settlement netting $10,000 or more and mandates that all settlement funds be deposited into a blocked account or an approved trust, such as a structured settlement or special needs trust, until the child turns 18. The legislation allows for exceptions to the blocked account requirement if a trustee is appointed or if a court authorizes an alternative financial arrangement in the child's best interest. While the mandatory guardianship reports are eliminated, judges retain the discretion to appoint a guardian if they determine it is necessary for the minor's welfare.