What is a “Beneficiary” in an Inherited Structured Settlement?
A beneficiary is a person who inherits some asset from a family member or other individual who has died and named the surviving person as a beneficiary in a will, insurance contract or other legal document. Beneficiaries can inherit many different kinds of assets. In some cases, surviving family members can also inherit debt. A structured settlement beneficiary receives an active structured settlement as a result of death and asset transfer.
Someone who is a structured settlement beneficiary is given a type of asset that pays out money over time. A beneficiary of one of these assets is someone who has become an annuity or settlement holder because the original holder passed away before the annuity or the settlement had been fully paid out. That means the beneficiary is due to receive the rest of the scheduled payments.
SELLING YOUR STRUCTURED SETTLEMENT: OPTIONS FOR A BENEFICIARY
If you have inherited a structured settlement, you have the option to keep receiving the structured payments, or to try to sell part or all of the structured settlement to receive a lump sum cash payment. As a beneficiary, you have the same option that the original holder had: if the holder of a structured settlement or annuity needs more money than the asset is paying out at a given time, selling part or all of the asset will mean a bigger up-front payment.
TIPS FOR SELLING A STRUCTURED SETTLEMENT
When you want to get more money quicker through the sale of a structured settlement or annuity, it’s a good idea to get bids and information from a few different structured settlement buyers. Various buyers may offer different rates, and different conditions may be attached to a particular structured settlement sale. A good structured settlement buyer will also encourage you to receive tax or legal advice on your structured settlement sale to ensure you get the most money out of this asset.
CBC: SELL YOUR STRUCTURED SETTLEMENT EASILY
At CBC, we have the experience handling a structured settlement sale or other similar transaction that will make the structured settlement processeasy for the settlement holder. Call us and ask about how to optimize this kind of deal to get the money that you deserve as a beneficiary of one of these valuable assets. Please call 877-386-3377.
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