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Common Questions from Payee’s Selling Their Structured Settlement Payments – Part 2

1. If I inherited the payments as a beneficiary, can I do a structured settlement transfer?
If you inherited structured settlement annuity payments from someone who has passed, you most likely have the option of selling those payments. First, you will want to find out if there were any other beneficiaries. If there were several beneficiaries, it may affect the amount of money you will be receiving. Second, you should follow up with the insurance company to be sure they are processing the file. Once they have processed the file, you will receive your own individual annuity contract or letter of benefits letting you know the exact amount and dates of the payments you are now scheduled to receive. After you have receive all of this information, you are free to contact a structured settlement purchasing company in regards to selling your newly inherited payments.
2. How old do I need to be to complete a structured settlement transfer?
You must be at least 18 years of age to complete a structured settlement transfer. In special cases, you can sell when you are below 18 if you have a Guardian Ad Litem.
3. Can I get a referral fee for referring friends or family with payments?
Whether you receive a referral fee will depend on the structured settlement purchasing company you are working with. Most companies offer some sort of referral fee if you refer someone who actually completes a transfer with the company.
4. What can I use the lump sum of money I receive for?
You can use the payments however you wish! That is one of the great benefits of getting your money upfront in one lump sum rather than waiting on the payments over time. You now have your money to do what you want. Often, individuals use the money for school, mortgage, debt, relocating, family expansion and medical expenses but you are free to use the money as you please.

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