If your loved one passes away unexpectedly due to someone else's actions, you are entitled to compensation for your loved one's death. In some cases, your compensation will come in the form of a structured settlement. Because you have the right to agree to or reject any settlement offer, you should discuss structured settlements with your wrongful death attorney before accepting it.
Winning a Wrongful Death Case
A wrongful death case is one in which family members and representatives of an estate seek compensation for the death of an individual often with the assistance of a wrongful death attorney. The defendant is an individual or company who had duty of care and was negligent. Then, this negligence must have directly caused the death of the defendant. For example, a restaurant couldn't be sued for causing coronary heart disease but could be sued for serving unsafe food that leads to the death of a patron.
Understanding a Structured Settlement
Structured settlements are financial tools that distribute an income stream as a way to alleviate financial debt and create financial stability. Courts often prefer structured settlements because they believe that a plaintiff is less likely to mismanage small sums of money.
Who is Entitled to a Structured Settlement?
Immediate family members and those who were financial dependents of the deceased are entitled to a structured settlement. For example, if a parent passes away, a child of the parent might be entitled payments that would make up for the support that the child would receive if the parent was still alive.
Reaching a Structured Settlement
To obtain a structured settlement, you must enter into either arbitration or mediation. If you're not sure about which option is the right for you, contact a wrongful death attorney in your area. With arbitration, a qualified authority listens to both your claims and the claims of the defendant. The judge rules in the favor of one party and the decision is binding. The mediation process is similar but simply involves a professional mediator.
You do not have to accept a structured settlement and can instead attempt to negotiate a lump sump. After you have agreed to a structured settlement, it will become almost impossible to change the terms.
Selling a Structured Settlement
If you need money quickly, you have the option to sell your structured settlement. You can sell all or part of your structured settlement. However, you will not receive the full amount. If you're concerned about how the selling of a structured settlement can affect your income, make sure to contact a wrongful death attorney.
Share15 July 2020
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