To get to the true answer let’s start with the states that require you to have a lawyer as part of the process.
– North Carolina
In these states you are required to have legal counsel to help you during the process. If you are selling your annuity in any other state it still is a good idea to at least talk to a legal adviser for a transaction of this sort. But this decision is up to you. In many cases the company you work with to transfer your payments will provide an attorney to represent you in court. It is certainly possible for you to hire an independent lawyer to represent you or to meet with a lawyer to review your situation and options if you are so inclined. One way or another it is wise to talk to a lawyer or have counsel represent you in court. If you are talking to a company that purchases annuities be sure to ask them if they will provide you with legal counsel and if there are any fees associated with this service.
So while in some cases it is required to have a lawyer in others it is not. But if you have the time and ability it does make sense to contact a lawyer to have them look out for your best interests. At the very least make sure the company that is buying your settlement provides you legal counsel to ensure a smooth transaction.