You Have a Structured Settlement and...What Now?

John Darer • December 14, 2017

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

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

Last updated June 16, 2024

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