This form authorizes the release of the client's medical information to the client's attorney and creates an irrevocable assignment and lien on the proceeds of any judgment for medical bills and expenses.
If the party doesn't hold up their end of the bargain, the other party can enforce the lien, meaning they can take legal steps to recover what is owed or claim the asset as per the agreement.
While it's not always required, having a lawyer help you with an Irrevocable Assignment can save you headaches down the road, ensuring everything is clear as a bell and legally sound.
Your Irrevocable Assignment letter should clearly outline the parties involved, the specific rights being assigned, any terms and conditions, and signatures from all parties to ensure it's legally binding.
Once an Irrevocable Assignment is executed, it generally cannot be revoked without the agreement of both parties involved. It's a done deal.
A lien is a legal claim on an asset to secure a debt or obligation. In the context of an Irrevocable Assignment, it means that if the assignment is not fulfilled, the party holding the lien can make a claim on the assigned assets.