In a structured settlement case that involves a lot of money, the process can be a little bit complicated due to the many complex procedures involved. As a plaintiff, you probably have no idea what procedures or costs are involved.
In this case, you might want to consider hiring a structured settlement broker who will work hand in hand with your personal injury attorney to ensure you get a fair deal.
Why Do you Need a Structured Settlement Broker?
In most settlement cases, the defense often includes a broker, in addition to their attorney to offer assistance during negotiations.
The broker’s job is to propose a structured settlement to the plaintiff and offer his/her expertise and knowledge in the resolution of the case.
The defense broker’s job in this case is to ensure that the interests of his/her client (the defendant) are well served- whether the deal is best for the plaintiff or not.
The plaintiff may end up being overwhelmed by the pressure from the defense party, forcing him/her to agree to the negotiations unwillingly. This is why experts often advice plaintiffs to ensure they hire experienced and highly qualified settlement brokers to negotiate on their behalf.
Otherwise, the plaintiff would only end up being ripped-off.
Ideally, a broker has various responsibilities.
One, he will work with the defense party to choose an option that both parties are comfortable with. In this case, the broker should be able to present options from the most reputable settlement companies.
The broker will also provide a fair assessment of the present value of costs based on a comprehensive financial analysis (based on calculations and negotiations). This will ensure that you get maximum value for your settlement.
The broker will also work with your attorney in the negotiation process, both pre and post negotiations, and help in resolving various settlement issues. This is to help the attorney take various finances of the plaintiff such as medical bills, household expenses, lost income, debt repayment, college funding, and other immediate and future expenses into consideration.
In addition, the broker can act as a middleman when you decided to sell a part of your structured settlement.
What To Look For in a Structured Settlement Broker?
So what should you look for in a broker?
Well, first, the broker must be qualified and experienced. A broker that is registered with the Department of Justice is a good bet in this case. You want to work with someone who is in every legal aspect qualified and permitted to offer services in structured settlement cases.
Also, choose a broker who is fully licensed and insured against errors and omissions. You will have nothing to worry about knowing that your case is being handled by an experienced broker.
So whether you’ve received a huge award from your personal injury lawsuit or won a lottery, consider hiring a structured settlement broker to help you navigate the process and get the maximum settlement amount.
Along with a competent personal injury attorney, you can be sure that the process will be smooth and easy, and that you stand a good chance to get a good deal out of the negotiations.
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