Have you been offered a structured settlement by the court of law? Are you unsure about how to handle the structured settlement?
While a structured settlement is technically a good thing, as it means you’re going to be awarded money, navigating your structuring settlement can prove to be difficult. For this reason, many people choose to hire a structured settlement consultant.
What is a structured settlement consultant? What do they do, and why should you hire one?
Check out this guide to discover why you might need a structured settlement consultant.
What is a Structured Settlement?
Before we dive into hiring a structured settlement consultant, let’s first talk about what a structured settlement is and how it works. A structured settlement is a way in which a civil case is settled.
When a plaintiff sues a defendant seeking compensation for an injury, death, or illness, they may seek some form of compensation. If a plaintiff sues someone and is awarded compensation, they may choose to collect their winnings in either one lump-sum or through a series of consistent payments.
If you opt for a series of consistent payments, then you’re opting for a structured settlement. For example, you may opt to receive your structured settlement payments once every three months for the next five years. Those who have trouble managing their finances often opt for structured settlements, as it means they only need to worry about the small amount of money coming in each month.
Personal injury cases, workers’ compensation cases, and wrongful death cases typically result in structured settlements.
Structured Settlement Rights
While the structured settlement process may sound simple, it can get a bit complicated once you fully understand your rights. If you’ve been awarded a structured settlement, then you have the right to sell your structured settlement payments.
When you set up a structured settlement, you do it according to your needs at the time. Unfortunately, your needs sometimes change, and you may need to access the rest of your money right away.
Selling your future structured settlement payments will allow you to access your money quickly. There are laws in place on both the federal and state level to protect you from selling your structured settlement to an unscrupulous company. Unfortunately, there are still companies out there that are waiting to prey on innocent people in need of quick money.
Why Hire a Structured Settlement Consultant
Because the structured settlement process can be complicated, many people choose to hire a structured settlement consultant. Their role is to ensure that you set up a payment plan that works for your life and your financial situation.
Should you choose to sell your structured settlement, your consultant can help you find a reputable company to work with. You can speak to your lawyer about setting you up with a structured settlement consultant, or you can check out this site.
Are You Ready to Hire a Structured Settlement Consultant?
As you can see, the structured settlement process can be confusing, and a consultant can help you navigate the road ahead. Now, it’s time to start searching for consultants in your area.
And, be sure to check back in with our blog for more news and tips on structured settlements.