How to Modify Your Structured Settlement Agreement
Structured settlements are an excellent way to get paid for a settlement resulting from a lawsuit or injury. However, as life happens, the terms of the settlement agreement may no longer fit your needs. Fortunately, it is possible to modify a structured settlement agreement and make changes that work better for you. In this article, we will discuss the steps needed to modify your structured settlement agreement.
Understand the Terms of Your Structured Settlement Agreement
Before making any changes to your structured settlement agreement, you must first understand what the terms of the agreement currently are. The agreement outlines how the payments will be made, the amounts of the payments, and the frequency of the payments. Additionally, the agreement may contain several clauses that dictate what happens in certain situations.
Identify What Changes You Want to Make
After understanding the current terms, the next step is to identify what changes you want to make. Perhaps you need more money upfront and would like to sell some of your payments to a company that buys structured settlements. Alternatively, you might need to increase the payments you receive each month to keep up with your expenses. There may also be a circumstance when you are unable to pay your bills, and you need to reduce your payments temporarily.
Contact an Attorney
Modifying a structured settlement agreement is not always straightforward, and it is essential to work with an experienced attorney who is familiar with these types of cases. Your attorney can help you navigate the process and give you guidance on what changes are possible and what is not. Furthermore, they will help ensure that any changes you make are legal and that your interests are protected.
Negotiate with the Insurance Company
Once you have identified what changes you want to make, the next step is to negotiate with the insurance company. The insurance company is not obligated to make any changes to the settlement agreement, which is why working with an attorney is essential. However, if you have a reasonable request and work with the insurance company, there is a good chance that they will approve the changes.
Sign an Amended Settlement Agreement
If you and the insurance company come to an agreement, the next step is to sign an amended settlement agreement. This document will outline the changes to the original agreement, and both you and the insurance company will sign it. Be sure to read the document carefully and ensure that everything you agreed upon is reflected in the document. Additionally, keep a copy of the agreement in a secure location for future reference.
Conclusion
Modifying your structured settlement agreement is not something that should be taken lightly, and it is essential to work with an attorney who has experience in these types of cases. By understanding the current terms of your agreement, identifying what changes you need, negotiating with the insurance company, and signing a new agreement, you can modify your structured settlement and ensure that your needs are met. Remember to read the new agreement carefully and keep a copy of the document for future reference.