In the case of very serious injury, large amounts of compensation may be awarded.
Managing your money to ensure you have enough for the future will require specialist advice. You should speak to your solicitor about the possibility of investing your compensation and, if you are in receipt of means tested benefit, protecting those payments.
It is good practice for compensation claims on behalf of a child to be settled via Court Approval. This means that even if liability is admitted by the person or company responsible for the child's injury the case is heard in court in order that a judge may approve the amount of compensation.
The compensation is then usually transferred into court funds and put into a special investment account which will earn interest. This account can then be accessed by the injured child when they turn 18. On some occasions the court may be prepared to release some of the funds for the cost of meeting special education or medical treatment needs.