What is a Structured Settlement Attorney? Well, let’s break it down, a structured settlement attorney is an attorney is one who only represents structured settlement cases.
When most people think of a structured settlement case, they first think of a personal injury case. Although they do not know it, but the fact is that is a personal injury attorney, not a structured settlement attorney. confused from the personal injury attorney is the one settling the case to get a structured settlement.
When I talk of structured settlement attorney, I am referring to an attorney that assists in the transfer of a structured settlement. Sometimes referred to as an independent professional advisor. The transfer of a structured settlement has several different aspects that require an attorney. Having a personal injury attorney, or estate planning attorney, is not going to be the same as having a structured settlement attorney working with you. See when the personal injury attorney set up the structured settlement he followed the laws and codes too so, and probably has a very vast knowledge of these laws. But having a Structured settlement expert working with you, allows you access to their vast knowledge of the laws, codes and procedures for transferring a structured settlement.
Transferring a structured settlement, an attorney could be doing the underwriting for the purchasers, providing an opinion letter as a Independent Professional Advisor, or the attorney taking the case before the judge, to get the signed order approving the transfer of the payment stream.
Underwriting Structured Settlement Attorney:
Is the attorney tasked with making sure the structured settlement is free of encumbrances & liens and is free to be transferred Also will make sure that the purchaser has the necessary funds available and are secured for transfer. They will also make sure that the transaction is also within the law, as to the interest rates and fees.
Independent Professional Advisor:
This attorney is usually the one who is either appointed by the court, the purchaser or chosen by the seller. They will typically be the one responsible for making sure that the seller is getting a fair price for their future payment stream.
Structured Settlement Transfer Attorney:
This attorney is who will be the one typically preparing all the legal documents to bring the transfer before the court, making sure that all local court rules are followed by both the seller and the purchaser. Will also be the one to notify the insurance company and all interested parties are notified of the transfer, then making sure that the final order is correct and will satisfy the judge, along with all parties involved.
Sounds simple enough, right? The problem comes when you are using an attorney who is not well versed in the current laws, or court procedures in any of these areas. Failure to comply could cost you time, and money, no matter if you are the seller or the purchaser.
So in review: when buying a structured settlement or selling a structured settlement, you need 3 different legal opinion; A structured settlement underwriting attorney, a structured settlement transfer attorney, and an independent professional advisor.
What is a Structured Settlement Attorney
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