Settlement Of An Injury Claim
So you or your attorney has successfully persuaded the insurance company to pay you a satisfactory settlement for your car accident or other type of Massachusetts personal injury claim. When that happens, you must sign a release. When you sign the release, you are declaring that you have settled your claim in its entirety, and that you agree never to make any further claims in connection with that accident. Many times you will have to have a witness sign the release, as well as a notary public.
After you have signed the release the insurance company will send to you or your attorney a settlement check. Usually, if you are represented by an attorney, the check will be made out to both of you as co-payees. That means both of you must sign the check before it can be cashed. After it has been signed your attorney will deposit it into an IOTA account. This is a trust account where all client money has to go. Once the settlement check clears in the IOTA account, your attorney will give you your share of the settlement monies. A personal injury attorney will customarily take 1/3 of the settlement as a fee, plus any expenses he/she advanced on your behalf. The rest is yours. Please note workers’ compensation claim settlements are generally not deposited into an IOLTA account.
Please contact me with any Massachusetts personal injury questions you have.