Generally, settlement checks will be mailed within several weeks of settling your claim.
Whether you settled your claim before litigation or chose to file a personal injury lawsuit and finally reached an agreement, you are probably anxious for your money.
You might be asking yourself questions such as, How long does it take to get a settlement check? Do settlement checks come by certified mail? How long does a settlement check take to clear? Here’s what you can expect.
How Are Settlement Checks Mailed?
For the average case, settlement checks are typically mailed around six weeks after the settlement agreement is effectuated. In other words, six weeks from the date both parties sign the settlement.
You may have an oral agreement a few days or weeks before signing the paperwork. However, the settlement is not official until it is executed with signatures.
Insurance Company Sends a Check
By the time you enter a settlement agreement, you probably have bills piling up and are anxious to receive your money. Typically, a settlement check clears within a few days. You may wonder if the check will be mailed to you and if settlement checks come by certified mail and require a signature.
Settlement checks may come by certified mail. However, the checks are almost always sent to your attorney’s office. Insurance companies will issue the check to your attorney, and upon receipt, your attorney will deposit it into the trust or escrow account.
Once the check clears, your lawyer will deduct the expenses you are responsible for from that amount. This includes their attorney fees and any other miscellaneous liens or costs you may have incurred during the claims process or litigation.
Examples of costs or liens your attorney may have to deduct from your check include:
- Outstanding medical bills,
- State or federal liens such as Medicaid or Medicare,
- Unpaid child support,
- Filing costs, and
- Expert fees.
Remember, these are specific to your situation. You may have significant out-of-pocket expenses that need to be reimbursed or very little.
Once any fees or expenses are paid, your attorney will cut you a check for the remaining balance. Along with that check, they should provide you with an itemized accounting statement to see exactly how much was deducted and what it was for.
Annuity Settlement
How settlement checks are mailed and when you can expect them also depends on the type of settlement. Whether you agree to a one-time lump sum settlement or an annuity can change how you receive your money.
An annuity settlement provides for smaller payments over time. The precise amount and timeline for annuity payments will be very case-specific and are often negotiated as a part of the settlement process.
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