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Is Legal Assistance Required to Sell Annuity Payments?

You won’t need a lawyer to sell your car, nor will you need one to sell a radio or a camera. But the sale of something like annuities raises issues that have no easy answers. Do you really need a legal representation in order to sell your annuities? The answer to that is fuzzy at best, but you should learn a little about the process and the need for experienced and knowledgeable legal counsel when deciding to sell annuity payments.

Making the Case for Counsel

There are currently only eight states in America where legal counsel is required for people who are considering the sale of annuity payments: Alaska, Delaware, Louisiana, Maine, Maryland, Minnesota, North Carolina and Ohio. While only these states require competent legal help for those attempting to sell annuities, all other states heavily recommend it. The advice you should seek out in order to sell your annuity payments will cover tax, legal and financial questions, and a lawyer with experience in these matters can be of great help to anyone attempting to transfer payments.

A Wise Choice for You

Although only a handful of states make you seek advice from a competent adviser, it’s really not a bad idea to speak with an attorney or a financial planner before making the decision to sell annuity payments. A financial planner can guide you toward making the right financial decision, and a lawyer can help you ascertain whether or not your annuity payments can be legally sold or transferred, as there are cases where sales of annuity payments are prohibited, including but not limited to inheritances or where sale is blocked by a trust. In any case, it is always a good idea to seek out counsel from a competent lawyer or financial planner if such counsel is not required by law in your area.

Seek Out Your Own Legal Advice

You may consider using the attorney working for the transfer company you’ve decided to sell your payments to. This might seem like a good idea to you, because you assume you both have the same goals, though this couldn’t be further from the truth. If you decide to seek counsel, then hire a lawyer or adviser of your own choosing. The attorney working for the transfer company has their best interests in mind, which don’t necessarily coincide with your own.

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