When a loved one with a structured settlement passes away, what happens to it? If you were listed to receive the structured settlement, you can inherit it after the death of the original owner. Structured settlements are inheritable so long as there is a will or other legal provision that allows you to take ownership of it.
If that structured settlement paid for expenses and damages after an accident, you can get an advance on those payments to help cover new additional costs after the death of your loved one. If you need funding now, call Silver Dollar Financial. We can help you get the money you need from your structured settlement quickly. Our phone number is (877) 871-0628.
How Do Structured Settlements Get Inherited?
You primarily inherit structured settlements through a will after death or other legal documents that put you as the beneficiary of the payments. If you do not have this, there are only a few other ways to inherit a structured settlement, but this will usually require a lawyer’s assistance to help you.
Once you inherit the structured settlement, you can use the payments as you wish. You should not squander all of the money you receive monthly. The purpose of a structured settlement is to provide you with the money from a settlement to pay off any damages and other expenses after an accident.
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What About Minors?
Generally, minors can also inherit structured settlements. However, they are not allowed to have control over the money until they reach the age of majority. Until then, the minor’s parents or legal guardian will have access to the money under the court’s strict orders and supervision.
Every situation is different, and this is only broadly speaking. When minors get involved, the legal situation of the structured settlement becomes more complicated. It is best to get sound financial advice before making any decisions and to consult a lawyer if necessary to understand what rights and responsibilities you may have.
What Are My Options After Inheriting a Structured Settlement?
You have three main options to take after inheriting a structured settlement.
Keep It and Do Nothing
If you are in a comfortable financial situation, you can continue to receive payments and pay your bills and whatever other costs you may have. There is no pressure to do anything you don’t want to. If you come across a lending service or “financial representative” trying very hard to pressure you into taking any sort of financial measure, be wary. They are probably trying to separate you from your newly inherited settlement.
You can sell structured settlements to various financial institutions. People mainly do this if they do not want to handle their structured settlements anymore or if they need money fast. According to Forbes, many states require a court hearing before you can transfer your rights to your structured settlement over to another person through a sale. This ensures that the sale is ethical, not fraudulent, and done in your best interest.
Obtain Structured Settlement Funding
An alternative to straight-up selling your structured settlement is to obtain funding. If you need cash now but do not wish to sell your settlement entirely, you can receive a cash advance on your settlement so you can pay your expenses without having to wait for slow trickle payments to come in. Just like a cash advance, you pay back what you borrowed with the money that comes in.
Is Funding Any Different if My Structured Settlement Is Inherited?
No, there is no difference. The application process remains the same, and there is no difference in how much funding you can receive. Our terms and conditions remain the same, so there is no need to worry whether your structured settlement was inherited or not.
When you apply, there are only three basic steps to follow:
- Submit an application online or call us over the phone to schedule an appointment.
- Wait for our team to assess your application and review all information.
- Once approved, you will receive a notification. You will get your funds in as little as 24 hours.
We do not require a credit check or require any financial documentation from you or the person you inherited your settlement from. All we need are the basic information of you and your lawyer, the details of how you inherited your settlement, how much your monthly payments are, and why you need funding.
As stated previously, you can receive funding within 24 hours. Typically, you can receive up to $100,000. We are very flexible and can work with almost any client in any type of situation. We know that financial matters require prompt attention, so we will always work fast to quickly get you the money you need.
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Get Financial Assistance for Your Structured Settlement
The Periodic Payment Settlement Act of 1982 made structured settlements a popular option for many personal injury victims in the U.S. Structured settlements have their pros and cons. If you inherited one and need money quickly to cover expenses, don’t hesitate to reach out to us today. Applying for funding is quick, easy, and carries no risk whatsoever. To learn more about what Silver Dollar Financial can do for you, call us at (877) 871-0628.