You will need to be appointed guardian ad litem to represent your son's interests in the settlement.  There will be a hearing called a minor's compromise in which a court will determine how to safeguard the funds for your son until he is eighteen.  The court might order the funds to be deposited with a financial institution or perhaps set up an annuity or perhaps set up a trust for your son until he is eighteen at which time he can receive the funds.  There may be other financial arrangements that the court might order.  I have only listed a few examples.