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What Is A Structured Settlement Attorney?

Some people wonder, what exactly is a structured settlement attorney? These are attorney’s that only represent people involved in structured settlement cases. A personal injury attorney is not a structured settlement attorney. The one that settles the case to get a structured settlement is the type of attorney you require if embroiled in such a case.

An estate planning attorney, or a personal injury attorney, is not the one to see for the transfer of a settlement. An attorney used for transferring a settlement may be required to do the underwriting for the buyers, or provide a letter of opinion as an Independent Professional Advisor, or may be the attorney representing the case in front of a judge in order to get the signed-order approving the transfer of the income stream.

Specialty Roles Of A Structured Settlement Attorney

* Underwriting A Structured Settlement: This is the function of guaranteeing that the settlement is free of any encumbrancing liens, and is clear to be transferred. He will also warrant that the buyer has the required funds available, and are secure for the transfer. Interest rates and fees will be checked to fall within the legal guidelines.

* Structured Settlement Transfers: He will take care of the document preparation to present the Petition For Transfer before the court. At the same time he will provide the “Service of Notice” to the other parties involved with the transfer, such as the insurance company. He will also confirm that the Final Order is accurate, and followed through.

* Independent Professional Advisor: Sometimes an attorney is appointed by the court to safeguard the process. He will be held to be responsible for looking out for the seller, to be sure they are getting a fair-price for the sale of their future income-stream.

Misconceptions

People often think that attorney’s don’t make mistakes, or that they know everything about everything. This is simply not the case. Attorney’s nowadays are specialized, just like physicians. You would not go to a Podiatrist for Heart problems.

The same holds true for attorney’s. You would not go to a personal injury attorney for problems with a Patent. There are many horror stories around where people were stuck with the results of a sub-par attorney who make errors in judgement when setting up a structured settlement, or verifying that a firm can make annuity payments for the life of the payment-stream.

Many claimants rely on the expertise of their attorney when settling a case, and just go along with the attorney’s recommendation. They may find out years later that they cannot sell their structured-settlement because of the way it was drafted. Now what are you going to do?

You don’t want to placed in such a position, yet it happens all too frequently. To avoid this pitfall, use a properly certified attorney in structured settlement laws. It is not so difficult to go on the Internet and check out the qualifications of a prospective attorney. There are many such sites that are created for just that purpose. Also, it is a great idea to ask for references, and then to actually speak to some of them. The attorney may tell you that he cannot divulge the names of his clients, yet all they have to do is get the client’s permission to use them as a reference. Don’t fall for that avoidance technique.

Every attorney has relationships with some of their select clients that they will be able to use as a reference, unless they don’t have any happy clients. One way to ensure having a qualified attorney, is to start out with a company like Einstein Structured Settlements, who will be able to recommend you to a qualified structured settlement attorney.