Whether you are entitled to money due to medical malpractice or an automobile accident, you might find yourself a little anxious about getting the money that you need. You might feel as though you need all of the money that you are owed in one lump sum but find that you are being offered a structured settlement. There is nothing wrong with a structured settlement. In fact, you might benefit from it. Take a moment to reflect on the following ways this type of payment arrangement might be the best thing for you.
You Will Have It When You Need It
Sure, having a huge lump sum of money would be really nice. However, you are much more likely to end up wasting a chunk of that money than you would if you were being given a smaller amount at a time. It is just too easy to lose track of where you have spent all of your money. With the structured settlement, whether you receive monthly, twice a year, or yearly payments, you will be able to budget your finances a little easier. You will also know that you have future payments coming to you, which will make planning for large purchases a little easier.
You Can Leave It In Your Last Will And Testament
Have you always wondered if you would be able to leave something to your loved ones, such as small children, if something were to happen to you? The nice thing about the structured settlements is that you can have it written up that all reminder payments owed to you would be paid to a beneficiary should you pass away before you ever see the last payment. So, if you are scheduled to receive payments for the next thirty or forty years, depending on your current age, that might be something to look into.
As you might now be able to see, there are benefits that will come from taking a structured settlement instead of having just one lump sum payment. Of course, you might have to ask your lawyer to negotiate the payment amount so that you can take care of yourself, your family, and have some money for fun, but that is all apart of the paperwork process. All you might have to do now is get in touch with your lawyer so that you can make the deal. The sooner you agree to the terms of the structured settlement, the sooner you will start receiving the money that you are entitled to.Share