The only good argument here is the self-control one; if you don't trust yourself not to burn through the money foolishly and then end up penniless within a deca

The only good argument here is the self-control one; if you don't trust yourself not to burn through the money foolishly and then end up penniless within a decade, the structured payment is probably a good idea. The one that you'll end up with more money in the end, though, is not. It should be trivial to find investments that can bring you more than three percent a year. Set aside a single-digit percentage of the lump sum for some immediate fun, then invest the rest and live off the returns. As long as you have the discipline to rarely, if ever, dip into the lump, you're good to go.