MS HB1394

Authorizes chancery courts to dispense with establishing a conservatorship when approving settlement agreements for minors, allowing the petitioner to assume conservator duties instead.

Requires judges to investigate settlement facts, verify the amount is fair, determine the minor's best interests are protected, and confirm a reasonable plan exists for managing the proceeds.

Permits courts to require structured settlements for amounts deemed substantial and allows parents present at hearings to agree that settlement proceeds belong to and will be used for the minor.

Mandates that petitioners receiving settlement funds apply them only to the minor's support, care, education, health, and welfare without personal financial benefit except for reimbursement of necessary expenses, and preserve unused funds for the minor's future needs.

Brings forward existing Section 93-20-431 governing transfers to minors without conservatorship, including provisions for transfers up to $25,000 annually to guardians, custodians, or ABLE accounts, effective July 1, 2024.