Everything You Need to Know About Asbestos Trust Funds

Asbestos is a naturally occurring fibrous material used extensively in the previous century for manufacturing and other purposes. Inhalation of asbestos particles can cause various diseases like mesothelioma, lung cancer, and more. People diagnosed with asbestos-related illnesses can file a lawsuit against the responsible people or organizations to receive adequate financial compensation that can help cover treatment-related costs and other expenses. People affected by asbestos can file several types of lawsuits. One of them is an asbestos trust funds claim.

Asbestos trust funds are a way for mesothelioma patients and their families to secure compensation. Several companies declared bankruptcy to avoid dealing with asbestos-related lawsuits against them after a surge in mesothelioma lawsuits in the US. However, the courts forced those companies to set up trust funds to pay compensation to the affected parties. Billions of dollars are available in asbestos trust funds for victims to avail.

asbestos trust funds

Filling an asbestos trust funds claim can help you get compensated faster without going through a trial in court. If you are planning to file a claim, there are numerous factors that you must know regarding asbestos trust funds. In this article, we are going to discuss details about these funds to help you gain a better understanding of them.

Who can file an asbestos trust fund claim?

People diagnosed with asbestos-related diseases, and their family members can file an asbestos trust funds claim. However, you have to prove the company’s involvement in your exposure with specific documents like employment history.

Several companies have strict rules and specific criteria regarding asbestos-related compensation. They carefully assess your health and exposure circumstances to decide whether you should receive compensation or not.

It is crucial to file a claim immediately after receiving a diagnosis because a delay can affect your chances of getting compensation. Moreover, every state has its own statute of limitations so filling a case within the time limit is essential.

How to file an asbestos trust fund claim?

The process to file an asbestos trust funds claim can vary for each case. Moreover, the amount of evidence you have regarding your exposure can determine how easy or complex your case will be. A competent mesothelioma lawyer can assist you through the whole process and file a claim for you. The step-by-step process to file a claim includes the following steps;

1.     Diagnosis

An official mesothelioma diagnosis is necessary to start filling a lawsuit. You may also have to confirm your diagnosis through biopsies, blood tests, and imaging scans. In some cases, doctors are also required to describe the medical aspects of your case in detail. They may be asked to explain the extent of your illness or the role of asbestos in your illness.

2.     Choose a lawyer

Your legal team hugely impacts your chances of receiving compensation. Therefore, it is necessary to carefully choose a law firm that has lawyers with extensive experience in dealing with asbestos-related cases.

An experienced attorney will attentively listen to you and answer all your questions patiently. However, you must provide all information like personal details regarding your work and health, as these details can play a significant role in how the case proceeds.

3.     File your claim

After receiving all the required information, your lawyer will file your claim. The asbestos trust funds have an annual maximum limit on the amount of money they can pay out. Moreover, the number of claims being processed and your case details can also impact the timeline of your case. Therefore, your case can take some time to receive compensation. However, your lawyer can provide you with an estimated time.

4.     Get financial compensation

The amount of compensation you receive can depend on the type of illness you have. Generally, cancer patients receive the highest amount of compensation. Asbestos trust funds will pay for all the valid claims against them.

How much is an average asbestos trust fund payout?

The amount of compensation you receive depends on the circumstances of your case, the asbestos products you may be exposed to, and the companies involved in exposure. The amount of compensation can vary from case to case. However, an average trust fund claim can help you get $41,000.

Victims can file claims against multiple trusts in case they suspect the involvement of more than one company in their asbestos exposure. A competent attorney will help you file for all the trust funds you may be eligible for. This way, you can receive compensation from all the companies, and your total payout can be much higher than the average payout. Many mesothelioma patients receive almost $1 million from asbestos trust funds and other types of lawsuits.

List of asbestos trust funds

The list of asbestos trust funds claim enlists all the companies that set up an asbestos trust fund. The names of some of the asbestos companies with established trust funds are ARTRA Group, Inc., Kentile, Owens Corning, Turner & Newall, Yarway, A & I Corporation, Armstrong World Industries, Inc., Babcock & Wilcox Company, and many more. Several companies may have different fund names now because of decades of acquisitions, mergers, and restructuring. If you are unable to find the name of a company in the list, it doesn’t mean that you can’t file a case; just keep looking.

The Bottom Line

Asbestos was used commonly in the previous century. Its exposure caused many people to develop cancer and other diseases decades later. Victims can file different types of lawsuits to receive compensation. Asbestos trust funds are one way to get that compensation. These trust funds were established by companies that declared bankruptcy to avoid dealing with asbestos-related claims. Understanding the legal aspects like eligibility criteria, the step-by-step process, average payout, and list of funds regarding an asbestos trust funds claim can make things easier for a victim. Hopefully, this article will help you understand everything you need to know about asbestos trust funds.

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