Having a personal injury settlement awarded to you can be a huge relief. You’ve likely just endured a stressful, frightening, and painful experience, but now you can rest easy knowing that you will have the funding you need to go on living your life.
There are a couple of options regarding the way in which you can have your personal injury settlement paid to you. Read on to learn more.
Your Personal Injury Settlement As A Single Lump Sum
You may choose to have your personal injury settlement awarded to you as a single lump sum. This essentially means that you will receive the entire settlement in one lump sum payment.
Some of the advantages of a lump sum payment include liquidity and the ability to decide how you’d like to invest your money.
Your Personal Injury Award As A Structured Settlement
Another option for your personal injury payout is a structured settlement. A structured settlement won’t award you with the entire settlement amount upfront, but will instead provide for your current and future needs, including your family’s needs as well.
When considering a structured settlement, it’s a good idea to think about your money-management skills and your long-term goals. If you’re worried you might mismanage a lump sum or would rather have the security of regular, long-term payments, a structured settlement may be a better option than a lump sum payment.
There Are Benefits and Drawbacks of Each Option
As always, there are pros and cons of each option, so it’s important to take a close look at your circumstances to see which one is best for you and your needs.
Don’t hesitate to reach out to our firm with any questions you may have. We’re here and ready to help you now.