Wis. Stats. §807.10
states:
(1) A compromise or settlement of an action or proceeding to which a minor or
mentally incompetent person is a party may be made by the general guardian, if
the guardian is represented by an attorney, or the guardian ad litem with the
approval of the court in which such action or proceeding is pending.
(2) A cause of action in favor of or against a minor or mentally incompetent
person may, without the commencement of an action thereon, be settled by the
general guardian, if the guardian is represented by an attorney, with the
approval of the court appointing the general guardian, or by the guardian ad
litem with the approval of any court of record. An order approving a settlement
or compromise under this subsection and directing the consummation thereof shall
have the same force and effect as a judgment of the court.
(3) If the amount awarded to a minor by judgment or by an order of the court
approving a compromise settlement of a claim or cause of action of the minor
does not exceed $10,000, exclusive of interest and costs and disbursements, and
if there is no general guardian of the ward, the court may upon application by
the guardian ad litem after judgment, or in the order approving settlement, fix
and allow the expenses of the action, including attorney fees and fees of
guardian ad litem, authorize the payment of the total recovery to the clerk of
the court, authorize and direct the guardian ad litem upon the payment to
satisfy and discharge the judgment, or to execute releases to the parties
entitled thereto and enter into a stipulation dismissing the action upon its
merits. The order shall also direct the clerk upon the payment to pay the costs
and disbursements and expenses of the action and to dispose of the balance in
one of the manners provided in s. 880.04 (2) as selected by the court. The fee
for the clerk's services for handling, depositing and disbursing funds under
this subsection is prescribed in s. 814.61 (12) (a).
