New Missouri Statute Eases Requirements for Finalizing Settlements for Minors

Missouri’s enactment of SB 295, now codified at Section 436.700, RSMo, significantly streamlines the settlement of claims involving minors. Effective August 28, 2021, the statute eliminates the need for court approval when the total settlement amount does not exceed $35,000 and specified conditions are met. By allowing funds to be deposited directly into a Uniform Transfers to Minors Account, the new law reduces the time, expense, and procedural burdens that previously accompanied even modest minor settlements.