People who file a personal injury claim based on the negligence of another party often think that they’ll have to go through a lengthy court battle. While it’s true that some cases are resolved in that manner, it’s also possible that they will be able to resolve the matter with an out-of-court settlement.
If you’re exploring the option of a settlement, you should remember that there are various structures for receiving the money. You also have to think about what you’re going to do with the money after you receive it.
What options are there for a settlement?
Typically, there are two options for receiving a settlement. One of these is a lump sum payment. This is intended to support all the injury-related expenses. In some cases, the lump sum payment is placed into a trust to be used for the person’s care.
Another option is the structured settlement. This involves the person receiving money at regular intervals for a specific time. These are sometimes limited to a certain number of years, but it might also continue for the remainder of the victim’s life.
It’s possible that a settlement will include an initial lump sum payment followed by a structured settlement. Because personal injury cases vary when it comes to awards, you’ll need to determine how to address the settlement. Of course, your first priority must be paying the bills you incurred because of the injury.
It’s a good idea to have experienced legal guidance so that you have complete, accurate information about your options for the settlement. This includes what you might receive in the out-of-court settlement, as well as what options you have for the estate planning you’ll need to handle after you receive the settlement. This helps to ensure that you have what you need now and that your loved ones will be cared for after you pass away.