by John Darer CLU ChFC CSSC RSP
Making use of the track changes function in Microsoft Word is a good way to make the process of structured settlement documentation more efficient. Before sending out a draft settlement agreement and release, the original drafter simply clicks his or her mouse cursor on the Review tab and then “Track Changes”. Each of the commenters to the initial draft is automatically assigned a different color by MS Word so that all parties, their lawyers and their structured settlement consultants can quickly and clearly see edits, who made the edits and can accept or reject them. While MS Word allows users to toggle between clean and marked versions, often documents are sent for review in a “clean” version as .pdf and “marked” version in Word. When the collaboration is finished one simply needs to click on “accept all changes” and a final document is created that can be saved as an Adobe .pdf file and distributed for signature.
Contrast that with the “nuances” of a decade (or more) old way of doing things. The drafter creates a Settlement Agreement and Release document, saves it in Adobe pdf and then sends it for review to the opposing party. The reviewing party or parties must scribble in the margins or worse, type or write out in long hand what their edits are. Some may still use Wite Out and an IBM Selectric. They then submit these changes to the original drafter who then compiles yet another .pdf (if he or she can read the handwriting) and so it continues.
- Isn’t the reason that documents are sent to be reviewed to make sure that the meeting of the minds is accurately reflected?
- While there’s a certain regimentation that a “cookie cutter” provides, kind of like comfort food for the legal soul, if one thinks logically, there IS more than one way to “skin” a Qualified Assignment Release and Pledge Agreement. For example, if the payee is a Supplemental Needs or Special Needs Trust, a Settlement Preservation Trust, or a case involving a minor who will be an adult when the structured settlement payments begin.
- For the plaintiff side of the case, the "old way" may be an inconvenience at best, but for the defendant or insurance company it might mean needlessly added legal expense when a "pressed for time" case juggling defense attorney has to repeatedly peruse a 6-10 page document for changes .
Try it! You MIght Like it! If you're clients aren't familiar with it, take the time to teach them.
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