Do You Need a Lawyer For Selling Your Structured Settlement Annuities?

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One of the major issues with selling your structured settlements annuities is the hassle over court appearances and getting your settlement approved for a successful transfer. You should know more about the process before you decide to accept legal advice. In case of annuities of structured settlements, it becomes very important that your settlement is well drafted to ensure it gets accepted. So how do you know whether hiring an attorney is a strain on your wallet or an actual support so that you get the best deal possible? With so many companies out there just waiting to take advantage of the ignorant, knowing some basic details is important before you make a decision. Few things that you should know include.

A choice or a requirement

The first thing you should know is about state rules regarding employing legal aid. In the American states of Ohio, Louisiana, Delaware, Maine, North Carolina, Alaska, Minnesota, and Maryland, employing independent professional advice is not really a matter of choice. Hiring an attorney or employing legal counsel in these states is a compulsory requirement, during the process of selling your annuities. Apart from these eight states, you are not required to get legal counsel but most states recommend it. Also a lawyer can give you appropriate counsel regarding the selling possibility of your annuities.

Why should you get legal aid?

Whether you choose to hire an attorney, a financial planner or just about any reputed professional, it is definitely a highly recommended course of action. Your concern as a claimant is mainly on account of the funding company. Hiring legal help can help you with the following:

  • Protecting you from making deals with unscrupulous companies who will swindle you out of your money. High quotes and fake promises can seem lucrative, but with appropriate legal aid you can read between the fine lines and see what you are really getting into.
  • Making better settlements to make sure that the probability of the court approving your settlement offer increases. The courts are very strict while evaluating settlement terms to ensure they are absolutely fair. In case of discrepancies the terms can get rejected.
  • Ensuring that you are aware of the entire process as well as help prepare you adequately for your hearing.

Accepting advice from the funding company

You have done all your research and employed the best transfer company. They are licensed as well as insured and also offer a closing date guarantee. In spite of this, it is not a smart decision to depend upon the advice of the funding company. Many funding companies offer free legal counsel to represent you in court. Even though both of you might reach a satisfactory compromise and it may feel like you are both working in the same direction, getting your own legal counsel or attorney is the ideal option. The attorney of the funding company will definitely have the interests of the company in mind and that may be more of a bane than a boon for you.

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Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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