You can file a claim against a mesothelioma trust fund on your own, but it’s better to seek out the assistance of an experienced attorney. A lawyer can help you avoid mistakes that could cost you money. They can determine if you’re eligible, which trust you should file against, and an estimate of the payout amount.
Today, more companies are establishing asbestos trust funds to compensate the victims of asbestos exposure. Currently there is approximately $30 billion available in 60 active trust funds. To date, around $20 billion has been paid out to victims of mesothelioma and their loved ones. An attorney can help you get your fair share.
Why Asbestos Trust Funds Were Created
During the 1970s, the dangers of asbestos came to light. Despite this, many companies continued using asbestos and exposing their employees to it. This resulted in thousands of lawsuits, and these bankrupted many companies. Some companies also went bankrupt because no one wanted asbestos products anymore, so their sales dried up.
Most of the asbestos companies that went bankrupt filed Chapter 11 bankruptcy, with the rest filing Chapter 7. That gave the companies the opportunity to restructure, but in order to do so they had to produce a business plan for the court to review. They were also required to determine an estimate for funding a trust that would pay those they had harmed by exposing them to asbestos.
Every mesothelioma trust fund has a trustee who is responsible for regularly evaluating the trust. This trustee is typically appointed by a judge. One of the biggest responsibilities of the trustee is to evaluate the trust’s payouts to make sure there’s enough funding left to pay future claimants. If there isn’t, they may need to lower the amount each claimant receives.
How to File a Mesothelioma Trust Fund Claim
Mesothelioma treatments can be extremely expensive, and there are many other costs that come with having this terminal disease. Filing a claim against a trust fund is one way you can be compensated for your losses. Here’s how the process works.
First, you will need to make sure you meet the trust’s eligibility requirements. To do this you will need to:
- Provide proof that you were exposed to asbestos on the job site
- Provide proof of your asbestos-related cancer diagnosis
As evidence of your asbestos exposure, you may submit proof of employment such as paycheck stubs, military service records, and your medical records. You may also want to get a physician statement.
Next, you’ll need to submit your documentation so the trust fund’s administrators can review them. Once the administrators have determined that you are eligible for a payout, they will assign an amount to you.
Factors That Could Affect Your Compensation
How much your payout will be will depend on a number of factors. These include the type of asbestos diagnosis you received. The most common types of cancer you can get from asbestos exposure include mesothelioma, asbestosis, and lung cancer. Visit this website to learn more about the asbestos related lung cancer types.
Another factor that can affect your compensation is the trust fund’s payment schedule and payment percentage. Payment percentage is the percentage of the full claim amount, which will be based on the specifics of your case. For example, if your payment amount is 1% and the full claim is $10,000, you will receive $100. If your payment is 50%, you’ll get $5,000.
While there is no guarantee regarding how much you’ll get, the average payout is $41,000. In some higher trust fund settlements people with asbestos-related cancer and their family members have received payouts in excess of $125,000.