Getting a structured settlement means you have suffered a significant injury or loss. Selling those structured settlement payments if you have an urgent need for money shouldn’t cause more suffering. So, why does a judge need to be involved to approve the transfer of payment rights when they are your payments? It is important to understand the role of the court (in this case, an individual judge), and to know that the judge is there to protect you. A judge is part of the transfer process to ensure a few important things happen.
First, judges ensure everyone follows the rules. There are federal statutes that apply, and every state has slightly different regulations for how the transfer of structured settlement payment rights proceeds. Judges are there to ensure that all parties follow the required steps. For your transfer to be enforceable (and for you to get your money), you want to ensure the process follows all the right rules.
Second, in most states the judge will confirm that the transfer of rights to your structured settlement is happening in your best interest. The court takes into account any other interested parties as well, including the welfare and support of your spouse or dependants. After dealing with hundreds or even thousands of structured settlement transfers, a judge may see an issue that you might not have thought of.
While at first you may think, “These are my payments. It is only my decision whether to sell my structured settlement,” courts are in place to help you. At times, they may be bureaucratic and add time to the transfer of rights. But understanding their role and interest in helping you will make the process go as smoothly as possible.
At CrowFly, it’s important to us that annuitants make the best decisions possible with their assets. If you have any questions about selling a structured settlement, we welcome you to call us. We’ll explain what you can expect from the selling process, timeline, and the outcome. There is no obligation when you call.