Yes and no, regarding “signing over” a settlement check. First, we need to look at what we are talking about here. Are you wanting to receive your settlement check and then sign it over to pay for the balance of your mortgage on your house to the mortgage lender? Or are you interested in receiving the settlement check for your accident and signing it over to a trust fund to pay for your children’s college education?
What exactly do you want to do to “sign over” your settlement check? Is there a reason you do not plan to keep your settlement check? And does this mean that you don’t need a settlement check at all, that you are “all set” after your accident, and don’t need to be reimbursed for medical bills, medical expenses, physical therapy, surgeries, or other follow up care after your accident?
The purpose of having a settlement negotiated for your accident is to reimburse you for your injuries. Of course, you will have personal injuries, some of which will go on for many years. This means that some of your personal injuries will not get “fixed” or “cured” in the next few months, but that may require future surgeries and other physical therapy to get the injury under control.
What Is the Point of a Settlement Check?
Let’s start at the beginning again. The only reason that you are getting a settlement check at all is that you have a serious personal injury, and you need to be reimbursed for expenses related to medical bills, lost wages, and such related to the accident that you suffered at the hands of a negligent person. For example, let’s say you injured yourself, and it was all your fault. In that case, you will not be able to turn around and sue anyone else for your loss. Instead, you will have to take full responsibility for the losses, damages, personal injury expenses, and other expenses such as lost wages – this will all come out of your own pocket.
But what if you are injured and have personal injuries because of someone else’s negligence? In that case, the negligent and reckless person, generally that person’s insurance company, needs to reimburse you for your injuries, losses, and damages. You will not be in a position to pay high unexpected medical bills, and you should not have to pay these bills. If the loss is not your fault, you will not be expected to have to pay for these high medical bills related to your accident.
Your Settlement Check Is Your Settlement Check
The settlement check that you get at the settlement of your accident losses, damages, and claims is meant to reimburse you for losses and personal injuries related to the accident. Imagine that you have an accident that results in personal injuries. This accident will be a surprise to you and quite unexpected. Also, the medical bills that come as a result of the personal injury will be unexpected as well. If you get a settlement check that is meant to reimburse you for your losses in the accident you had, and you sign it over to someone else, who or what will pay for your losses? What are you planning to do to pay for your losses if you sign over your settlement check?
Your settlement check will have your name on it. In general, no one will be able to stop you from signing over your settlement check to someone else. You have to ask yourself why you are even considering signing over your settlement check to another person or entity. If you get a settlement check, and you signed it over to a charity, this is still signing over your settlement check to someone else, where it was meant to be used for you.
The settlement money that you receive is meant to pay for your expenses such as lost wages, lost time from work, medical bills, medications, physical therapy, surgeries, and any more upcoming expenses for medical care related to your accident. You may also have expenses related to damage to a vehicle or other damages related to your accident. These damages, losses, and personal injuries need to be reimbursed by the at-fault party to the loss. If you did not cause the losses, you should not be expected to have to come out of your pocket to pay for them.
Is There Fraud Going On?
If you have the idea to sign over your settlement check, is there a fraudulent transfer going on for this transaction? Your settlement check is meant to be used for the personal injuries that you suffered from your accident. If you sign over the settlement check to someone else, it is the same as saying, “No, I’m good. I don’t need that settlement check after all,” but you would be taking it anyway? Why would you want a settlement check if you have no idea that you will use it for your personal injuries at a later date? When we say “later date,” we are still talking about the near future.
As you sign off on a settlement check with your name, understand that you have to sign it and then sign off on it for someone else. If this is done, then you will have two signatures on the back of the check. The insurance company issuing the check will wonder why they see two different signatures on the back of the check. They could open an investigation to determine if any fraud was associated with sending and settling this settlement with you. The fine for insurance fraud can include jail time and hefty fees. Were you aware of this fact?
To prevent the appearance of impropriety or fraud, you need to seriously consider your plans to sign over your settlement check to someone or something else (such as a business). For example, if you have a business and want to get your settlement check to pay for your expenses in your business, is the idea to “sign over” your settlement check? We are not advising you on what to do with your settlement check, but we are here to help you get the best and most appropriate settlement for your personal injuries that you can get. We know how to negotiate against large insurance companies and get you the settlement check you deserve for your personal injuries related to your accident and losses.
The CEO Lawyer Personal Injury Law Firm – Winning Atlanta Injury and Accident Attorneys
We are here for you and know what to do to get you the money you deserve in this type of situation related to signing over a settlement check. Just call us at (833) 254-2923. We are ready to help you get back the money you deserve when you are personally injured in these cases. What you do with your settlement check is up to you, but we are here to explain that your settlement check is the last opportunity to be reimbursed for your losses after your accident. If you have any other questions, call us today for a free consultation.