by Structured Settlement Watchdog
According to the vacuous explanation of Atlanta Georgia's Silver Dollar Financial, "If you were listed to receive the structured settlement, you can inherit it after the death of the original owner. Structured settlements are inheritable so long as there is a will or other legal provision that allows you to take ownership of it".
Silver Dollar Financial's explanation is just "fupped duck". Silver Dollar Financial has no demonstrable understanding of the fundamentals based on their poor articulation as John Darer Reviews below.
Six Ways That Silver Dollar Financial is " Fupped Duck" on Structured Settlement Inheritance
- What is "listed to receive the structured settlement"? Does Silver Dollar Financial expect you to believe that if Mama left a list on a crinkled foodstained corner of a notepad sheet thumbtacked to a corkboard in the kitchen, it's going to hold any weight with an insurance company? For example a list lisomething like " "1. Eggs, 2. a loaf of bread, 3. Crisco and 4. in case I meet my fate because that banana peel ain't just gonna pick it's freckled self up off the floor, the structured settlement payments go to my 3 sons Barney, Beavis and Tetris" isn't going to work.
- In order to inherit structured settlement payments you must be named as a beneficiary (or contingent beneficiary) by the Payee of the structured settlement and the beneficiary recorded with the insurance company, before the decedent passed.
- These requirements are set at the time of settlement and are agreed to by and between the parties to the negotiated settlement agreement. Generally that means the designation of beneficiaries must be in writing and in proper form
- The "original owner of a structured settlement" annuity is a qualified assignment company. See How Structured Settlements Work | Structured Settlements Explained (4structures.com).
- The death of a structured settlement payee does not change the ownership of the structured settlement annuity from the qualified assignment company
- Naming a beneficiary or beneficiaries is better than doing nothing because payments continue after filing a death claim, without having to pass through the Estate of the deceased. If they pass through the Estate account, the Executor or Administrator can charge a fee on that money. In addition fees may be due to state government based on the value of all of the assets in the Estate.
Advocating The Clearest Path to Accurate Structured Settlement Information is Part of My Mission
Part of my stated mission as Structured Settlement Watchdog is to help give consumers the clearest path to accurate information about structured settlements.
Hopefully Silver Dollar Financial founder Wil Foy can up his company's game. No excuses after 4 years in business. Foy's structured settlement factoring company has been in business since 2019 according to the Better Business Bureau records. It serves nobody to have inaccurate information about structured settlements facing consumers.