When arranging a structured settlement, you may find yourself confused and lost in the throws of legal jargon and various annuity options. Have no fear. Structured settlement attorneys can help.

Structured settlements are usually used in personal injury cases, however, they may be used for worker's compensation, commercial business transactions, punitive damages, non-bodily injury claims, and any other case that would otherwise be handled with a lump sum award. Instead of getting all your money at once (a lump sum), structured settlements break down your award into individual payments that are made during set periods of time (sometimes monthly, sometimes annually). Usually, the defendant will buy an annuity from a company who will then make the timely payments to the claimant for them. These payments can be broken down in different ways and it is important for someone to have a structured settlement lawyer to make sure the papers for the award payments are drawn up in the best interest of the injured party.

Reviewing the Structured Settlement with a Lawyer

There are several factors to consider when it comes to structured settlements. For instance, there are life with period certain annuities and temporary life annuities. A life with period certain annuity will send out payments to the individual for a certain amount of years or till the end of the person's life, whatever comes first. In this case, if you die before your payments are up, a beneficiary will receive your payments in place of you. A temporary life annuity ends when your life ends, with no beneficiary. Legal jargon may be difficult to understand, so you will want a structured settlement attorney to review the settlement with you, so you are sure what kind of annuity you will be receiving.

There are other differentiations as well. Some annuities are variable, and some are fixed. A variable annuity changes according to the current rate of the investment. The fixed annuity means there is a set amount of money coming into you for each payment. Even fixed annuities have a variety of options. For example, some fixed annuities stipulate that a lump come at a particular time during the term of the annuity. If there is some big expense coming your way in the future, this would be an option to consider. A structured settlement lawyer would be able to discuss all of these variables with you to make sure you pick the one that's right for you. You may also choose instant payment, or deferred payment options. These are just as they sound; the instant payment will begin immediately, where as the deferred payments will begin at a specified, later date.

Basically, there are a lot of different factors that will come together to make the perfect structured settlement for you. It is wise to have a structured settlement attorney because they talk to the plaintiff about their options and help find the best deal for the injured party. The attorney can comb through legal papers with their client and search for traps; they may guard their client against inflation for instance. It is wise to seek help because once it's done, it's done and there is no going back to tweak the agreement. When a person works with a lawyer, that person can be sure he / she is getting the award he / she wants.