By Vanessa Richter on September 19 2018 11:49:42
A structured settlement, though, can help alleviate some of the stress. It is especially difficult to manage a large sum of money if you will no longer be able to earn a living for the remainder of your life. Whatever sum of money you were awarded must be invested and used wisely in order to last throughout your lifetime. This is not always an easy feat. Often people have to hire financial advisors and investment advisors to keep track of and administer the money so it does not run out. With a structured settlement, though, this process becomes much more manageable.
Licensed brokers and attorneys would be able to assist in selling a structured settlement in an appropriate manner since they are specialized in this field. It is important to take their advice before selling either a part or whole of a structured settlement as this might result in a bad judgment on part of the individual.
In some cases where the structured settlement on periodic basis is no longer required, such as in cases of worker`s compensation where the medical bills no longer need to be paid after the individual is discharged from the hospital, selling off the remaining portion of the structured settlement can produce a tidy lump sum that could be used for other necessities.
Structured settlements first started to gain popularity in 1982 when Congress passed the Periodic Payment Settlement Act. This was introduced to allow settlements to be paid out over time in order to benefit both the party paying the claim as well as the victim. Those people who have had a personal injury due to an accident or who have had a worker`s compensation claim can benefit greatly by having the money from the settlement arrive in regularly scheduled amounts across a long period of time. A structured settlement is a good idea in most cases.