Asbestos Trust Fund: A Win-Win Situation

Do you know that the cost of managing mesothelioma ranges from 11,000 USD to 21,000 USD a month? No surprise that mesothelioma patients have reported suffering from acute anxiety and depression. Aside from patients, their families also deal with financial and mental stress. Mesothelioma is an incurable but manageable disease. Still, it requires a handsome amount.

The primary cause of mesothelioma is asbestos, which people generally get exposed to because of their employers’ negligence. However, patients might receive financial compensation. Patients have died in several cases within a short time after being diagnosed, leaving their loved ones bereft. While no money can bring the deceased back, gaining mesothelioma compensation can relieve a family.

Let’s learn about the Asbestos Trust Fund!

Asbestos Trust Funds

Companies that used asbestos’s harmful material in their products and caused deadly cancer in patients were compelled to set up a trust fund. The purpose was to provide patients with some consolation in money. Mesothelioma patients can gain some solace by getting compensation from asbestos trust funds. The Asbestos trust fund still has considerable money to help mesothelioma victims. However, you need to follow a procedure to determine eligibility for it.

Eligibility Criteria for Asbestos Trust Fund

An asbestos trust fund has a process. To prove that you deserve to be compensated, you need to verify your company’s involvement in your exposure to the destructive substance. Most mesothelioma funds have a set criterion. Only those who meet their requirements and follow the procedure become eligible for the money. The process revolves around the claimant’s health condition and employees’ involvement.

Mesothelioma is generally diagnosed very late. However, to claim the asbestos trust fund, you need to be proactive and file a claim as soon as you receive the diagnosis. Mostly the priority is the patient’s health; still, you must try to file the claim without wasting much time.

Different states have different requirements for asbestos trust funds. You need to look into legalities to determine if you or your loved ones are eligible for the compensation. Here Is how you can file an asbestos claim and gain some compensation:

Steps to Filing an Asbestos Claim

People are generally ignorant about health and law matters. Until circumstances push them, they do not look into these issues. Filing an asbestos claim involves a legal procedure. The following are steps of going about it:

1. Confirmed Diagnosis

Before starting the procedure, you need to obtain an oncologist’s diagnosis that the patient suffers from mesothelioma. Ensure that your doctor goes at length to describe how your employee’s negligence became a reason for your health condition.

2. Hire a Competent Lawyer

As much as consulting a competent doctor is essential for the betterment of your or your loved one’s health, you also need to hire a professional lawyer. It would be beneficial for you if you get specialized lawyers on board. They are well-versed in these matters and make your case strong.

Research is the key. Use the internet to narrow down your research and search for an attorney in your area. Competent lawyers will understand that your attention is fixated on your or your dear one’s health. Thus, they take the reins and make a solid case.

3. Gather Evidence

Attorneys work like crime investigators. They need to prove the patients get exposure to asbestos at the workplace to become eligible for receiving money. They gather shreds of evidence demonstrating your exposure and severity of sickness. The process may take time as they need to research and often dig into companies’ history. In addition, they also meet physicians, medical experts, and other related people to collect information. The more evidence they can gather, the stronger your case will become.

4. Opt for Free Consolation

Good lawyers trust their abilities and let you feel at ease while they go for a case review. The good part is consolation does not require you to spend any dime. In the light of their expertise, lawyers can advise you on how to make a case stronger. Moreover, they brief you about the procedure and mentally prepare you for the upcoming court sessions. Consultation before signing the claim sets the path for the case and clears any ambiguity from claimants’ heads.

5. File Lawsuit

After a review, an attorney can file your claim. Like other legal cases, this also takes time. Trust funds work through a procedure and have a set amount to pay annually. Besides, asbestos trust fund lawsuits have certain limitations. They may require your attorney to disclose specific information. Some laws require you to share information about the past cases you may have failed.

Once your attorney has taken care of all the procedures necessary, they file the case. When the lawsuit goes in court, all you do is wait for the legal proceedings. Your attorney can estimate the time; however, the case duration primarily depends on the severity of the case and pieces of evidence.

6. Gain Compensation

Competent lawyers generally wrap the cases up more quickly. Besides, they have impeccable negotiation skills and can help you gain a reasonable amount. Asbestos trust fund pays all claims that they consider valid.

7. Amount of Compensation

The asbestos trust fund may pay compensation in six figures; however, the amount you can receive depends on numerous factors. Asbestos trust funds pay a percentage of either scheduled value or assigned value. For instance, if the assigned value is $50,000 and the trust percentage is 20 %, you will receive $10,000.

The Bottom Line

Mesothelioma, a destructive form of cancer, is caused by asbestos exposure. Due to its harmful effects, many governments have banned the dreadful substance or allowed it in minimal quantities. Still, some companies fail to comply with laws and put their employees’ lives in danger. So, people mostly get exposed to asbestos at their workplace, which forms cancer in a thin membrane covering internal organs. An asbestos trust fund is a way for mesothelioma patients or their families to gain some compensation. The pointers mentioned above can give an in-depth insight into the concept of asbestos trust funds.