What happens next?

[timeshare]

What is the name of your state (only U.S. law)? New York

My sister has been involved in a lawsuit which is now close to a substantial settlement. Aside from her attorneys taking their share, what other responsibilities do they have, i.e., should they provide an detailed accounting? Can they assist in setting up an annuity? Etc. Thank you.What is the name of your state (only U.S. law)?

 

[NLW]

To confirm - this settlement is a workers' compensation settlement, correct? If so, the judge decides how much the attorney gets, which will come our of the settlement. The attorney does not have to provide an accounting of how this money will be used, but may provide information to the judge to substantiate what s/he feels is reasonable for fees. Typically the fees awarded range from 10-20%, dependent upon how much work the attorney had to do on the case.

If your sister wants an annuity for the money, she needs to say so now, as this needs to be set up before the settlement is finalized. The settlement documents will need to contain language referring to the annuity, and your sister will need to sign documents agreeing that she will accept ongoing payments from another source, thus releasing the insurance company from any ongoing obligation.

 

[timeshare]

Thank you for your response. I believe this is a product liability case (arm was amputated); the attorneys will get 33-1/3. She has been collecting worker's compensation payments monthly.