Receiving a structured settlement allows you to receive a portion of a settlement you won every month over an extended period of time. There are emergencies that occur in life from time to time that make you need the money sooner rather than later. A prime example of a time when money is needed right away is when someone dies unexpectedly. If you have recently lost a loved one, a structured settlement buyout is an option you may want to consider. The following guide walks you through a few factors to consider before choosing to buyout your structured settlement completely.
Determine How Much Money You Really Need
Many people do not realize how expensive a funeral can be. You need to pay for the plot where the person will be buried, the headstone that will be placed at the plot, the casket the person will be buried in, and any fees the funeral home charges for their services. If you want to have a police escort to guide the funeral procession or flowers at the funeral, those are additional costs, as well. You need to determine exactly how much money you truly need for the funeral for you to be able to make an informed decision as to whether or not a settlement buyout is your best option.
Determine if Anyone Else Can Help with the Costs
Before agreeing to a settlement buyout, it is important to contact other family members to see if any of them are willing to contribute to the costs of the funeral. There are many times when families will band together to split the unexpected costs so that the family member who has passed away can have a proper burial. Explain to the family members how much the funeral will cost and determine how much each person can contribute. Once everyone has contributed, you can determine if you can afford the costs that are left or if you need to get a settlement buyout to pay for the costs.
Determine if a Partial or Full Buyout Is Your Best Option
Finally, you need to determine if you need a full settlement or if a partial buyout will do. A partial buyout allows you to still get some of the money that is due to you each month from the settlement, but the company that has partially bought the settlement will receive a portion of the settlement too.
Giving someone the burial they deserve is important. Choosing to have the company buyout the settlement will allow you to get a large sum of money right away so that you can use the money for the burial immediately. The choice is final once you make it so it is important to think long and hard before making a final decision. If you are confused and want to ensure you make the right decision, consider meeting with a professional financial adviser from a local consumer finance center. The adviser can walk you through all of your options to ensure you make a choice that is best for your current situation and the future.
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