Asbestos trust funds have become the best solution for those tested with asbestos-related conditions. Bankrupt companies established these accounts to compensate people exposed to asbestos-containing products. However, before filing a claim, victims must understand how the funds work and how much to expect. Below is a comprehensive guide to help victims navigate the process.
Who is Eligible for the Funds
These accounts were created mainly to support those exposed to asbestos or suffering from any illness. However, victims must meet specific requirements to qualify for payment. For instance, they must have a confirmed mesothelioma case or any other related disease, like lung cancer. The medical report must also come from a qualified doctor to be valid.
Providing exposure history and proper documentation can solidify the case and hold the company responsible. Victims must provide sufficient evidence that the exposure was linked to a company listed under the fund. They should also provide work history documents, union records, or affidavits to prove exposure to hazardous products. Each fund has its timeframe, meaning victims must file a claim within a specific period to qualify. Testing and filing a case as soon as possible is crucial to ensure qualification.
What is the Average Payout
The maximum payout varies depending on various factors. These include the severity of the illness and the percentage set by the fund’s trustees. For instance, victims diagnosed with mesothelioma typically receive higher compensation than other related conditions. On average, victims can get over $400,000 in total payouts for a mesothelioma claim, although it is lower than a lawsuit that can give an average of $1.4 million in settlement.
Most trust funds do not pay full claim amounts to victims. Instead, they pay a certain percentage of the value to preserve money for future claims. Victims can maximize their payout percentages by working with experienced Mesothelioma Lawyer Nevada, who will negotiate for them based on other factors such as exposure duration and medical expenses. Filing claims with multiple trust funds and asbestos lawsuits can also help victims maximize their settlements.
How to File a Claim
Filing a trust fund claim involves five key steps, each playing a vital role in influencing the outcome. Understanding these steps before preparing a claim is essential in increasing the payout percentage and expediting the process. The process starts with gathering the necessary documents and evidence. These include medical records, employment history, witness statements, and any other records proving exposure to asbestos. The victim then identifies eligible asbestos trust funds and researches if the company is among the bankrupt asbestos companies.
Once the victim has adequate evidence and a responsible company, they can submit their claim. They can do this through expedited or individual review. An expedited review leads to a faster payout, although the victim has to accept the standardized amount. On the other hand, individual review takes longer but may result in higher compensation. After submitting the claim, victims can wait for the administrators to review and verify their eligibility. If the claim is denied or ends in a lower offer, the claimant can appeal the decision with additional evidence.
Endnote
Trust funds offer critical financial support to patients suffering from asbestos-related illnesses or their families. However, qualifying and getting the payout requires claimants to verify their claims with sufficient evidence. Consulting an experienced attorney is vital to ensure victims gather the necessary records and increase their chances of a successful claim.
