There are a few different ways to pay out the settlement payments when it comes to personal injury settlements. The most common way to receive a personal injury settlement in Canada is through a lump sum payment. This means that you will receive a one-time payment intended to cover all of your losses associated with the accident.
However, there are other payout options available as well. So you’ll need to speak with your Calgary injury lawyers to find out how your payments will end up being paid out. You may be able to receive your settlement in installments, which means that you will receive payments over a period of time. This can be helpful if you need the money to cover your ongoing medical expenses or if you cannot work because of your injuries.
Another option is to receive a settlement that is structured. This means that the payments will be made in a specific way, often over a period of time. For example, you may receive a certain amount of money each month for several years. The benefits of a structured settlement are similar to the benefits of receiving your payment in installments. Structured payments can be helpful if you need to cover long-term medical expenses or if you are not able to work for an extended period of time.
Ways Calgary Injury Lawyers Can Structure Injury Settlements
Here are a few examples that may help you better understand how personal injury settlement payments may be made:
– Lump-Sum Payment: You will receive one amount, which is intended to cover all of your losses. This type of settlement is often paid directly into the plaintiff’s bank account.
– Structured Settlement: You will receive payments over a period of time in order to cover future expenses or lost income. For example, you may receive payments every month for three years in order to cover your ongoing medical expenses following an accident.
– Settlement Installment Payments: You will receive regular payments that are spread out over a period of time. This type of settlement is often used to cover medical expenses, lost wages, and other costs associated with the accident.
– Annuity: An annuity is a type of insurance policy that pays out a set amount of money each year. This can be an option for plaintiffs who are unable to work or who need money to cover their ongoing expenses.
– Personal Injury Trust: A personal injury trust is a type of fund used to manage and payout personal injury settlements. This option can be helpful if the plaintiff does not want to receive regular payments, as the trust will manage and distribute the money as needed.
No matter which type of settlement you receive, it is important that the money is used appropriately and that the plaintiff trusts their Calgary injury lawyers to structure the payout in their best interest.
If you have been injured in an accident and are considering filing a personal injury lawsuit, it is important to understand how your settlement will be paid out. Contact experienced Calgary injury Lawyers to help guide you through the process.
CTA: If you need help collecting compensation for an injury you’ve suffered, be sure to contact Edwards Injury Law. Edwards Injury Law has successfully fought for the injured for over 25 years. Move forward with dedicated help from a personal injury lawyer; contact us today if you or someone you know has been in an accident or injured. Phone: 403-764-5172 Website: edwardsinjurylaw.com