By Kristin Walter on September 19 2018 11:31:01
For anyone who has any type of guardianship, a structured settlement is also a perfect solution. For example, if someone dies as a result of an accident through no fault of his own, a settlement may be awarded. However, the settlement is going to the victim`s family as opposed to the victim. The money may be used for funeral expenses and for the care of the surviving family, especially if the victim was the provider of the family`s income. Spouses and children are generally the beneficiaries of a structured settlement. Minor children can especially take advantage of the benefits of a structured settlement. Their housing, food and other every day expenses will be ensured. Plus, very often their education and college expenses will also be taken care of so they can lead a productive life even without the assistance of their loved one.
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.
Another reason is because professionals were hired to advise and administer the money appropriately. Without some knowledge of financial endeavors, the victim may have hired someone incompetent or unreliable. The money would not be invested wisely and gone before they knew it. Another common reason is the victim relies on assistance from family members thinking they would have his best interests at heart. Unfortunately, this is often not the case and greed gets the better of the family member. A structured settlement reduces the risk of these issues substantially.
Structured settlements ensure periodic payments of a lump sum, and the lump sum can be released by selling a part or whole of the structured settlement. However, when a structured settlement is sold for a lump sum, the amount received is usually considerable less than the market value or lower than what would be received in monthly installments, but they do provide the option for sale in case of financial necessity.