What Do You Need to Do Now?

If you have a structured settlement you don't need to do anything now.

Be mindful of these things

1. Be sure to periodically review your beneficiary designation in case you have a change in status such as:

• Getting married
• Getting divorced
• A beneficiary predeceases you
• Have a child
• Have additional children
• Adopt children
• Remarriage

2. If you have a change of bank and are receiving payments  by direct deposit, make sure you submit an EFT change form and obtain written confirmation that the change was completed.

3. If  you are moving and do not have direct deposit, submit your change of address at least 45 days in advance of the next payment due date. Better yet get your payments on direct deposit. An added benefit of direct desposit  is you will no longer need to wait for the check to clear.

4. No need to pay attention to the endless mailings and telephone solicitations of companies that offer you pennies on the dollar for your structured settlement payments. Unless you really have a need that cannot be satisfied from other sources and you have a plan, just enjoy your structure.  And if you're curious you may find the article at the first link below to be useful.

Enjoy the steady income, free of taxes if paying for damages for physical injury, wrongful death or workers compensation

• Selling a Structured Settlement in 2024? Get The 411 on Cash Now. Don't Be a Victim (4structures.com)
• What is Sequencing Risk? Can Structured Settlements Help? (4structures.com)
• Budgets and Settlement Planning for Life After Settlement (4structures.com)

Last updated June 16, 2024