It isn’t as easy as it used to be to transfer a structured settlement. As of 2002 the rules changed so that all transfers have to first be approved by the courts. This wasn’t done to make it harder for those with such a settlement to get money. Instead, it was done to protect them from being cheated by various buyers out there.
The first option is to start looking around for who you will transfer the structured settlement to. There are quite a few entities out there that offer this type of service. They want to buy the remainder of the funds you will receive and in exchange give you a lump sum that is lower than that amount. They will also charge you fees for processing and take them out of what they give you as the settlement amount.
You will want to carefully evaluate all of your options so that you get a great deal in the process of the transfer. You may need the money now rather than later so it isn’t in your best interest to just have those monthly coming in but in smaller amounts. There is a great deal of paperwork that has to be completed for the transfer of a structured settlement to be completed.
You need to carefully read through all of the details and guidelines. That way you have a clear idea of how much money you will get, who you will get it from, and when you will get it. Then you need to have legal council review it with you as well. They may not agree to the terms you seem comfortable with and it is a good idea to heed their professional advice.
You never want to try to transfer a structured settlement on your own. Get great council that has the expertise on such matters. They can guide you through it, explain the legal jargon to you in plain English, and even help you to complete the entire procedure in less time. Then when your structured settlement transfer request goes before the courts there is a very good chance you will get the green light and your money.