Asbestos is deadly, and exposure can lead to devastating illnesses, often many years after the initial contact. Mesothelioma, lung cancer, and asbestosis cause major problems decades down the line. For those affected, getting financial compensation is possible. However, it often feels challenging when you’re already dealing with major health issues.
That’s where an asbestos trust fund comes in. These funds were set up by bankrupt asbestos manufacturers. They ensure that present and future victims can still be compensated. If you or a loved one has developed an asbestos-related disease, you may be entitled to claim, without going to court.
What Is an Asbestos Trust Fund?
An asbestos trust fund is a pool of money set aside by companies that manufactured or used asbestos products and later filed for bankruptcy. Under U.S. bankruptcy law, these companies were required to create trust funds. They mean that victims of asbestos-related illnesses could still claim compensation, even if the original company no longer operates.
These trusts are managed independently and operate outside the court system. It means individuals can file a claim for damages, medical bills, lost wages, and pain and suffering. Each trust has its own rules, payout criteria, and compensation amounts. The latter will be based on the severity of the illness and exposure level. There are more than 60 active asbestos trust funds in the U.S. today, and they hold an estimated $30 billion collectively. This is a crucial lifeline for those with asbestos-related conditions.
Who Can File a Claim?
To qualify, you will need to meet eligibility criteria. These vary depending on the trust. Most require:
- A confirmed medical diagnosis: Asbestos-related conditions like mesothelioma, lung cancer, and asbestosis, for example.
- Proof of exposure to asbestos-containing products: This must be linked to the bankrupt company that set up the trust.
- A detailed work history: Documentation showing when and where the exposure occurred.
Some trusts also require evidence that you meet their specific exposure thresholds. For example, that you worked around asbestos for a minimum number of years. Family members can also qualify on behalf of someone who has died from an asbestos-related disease. Even if you have already received a legal settlement or payment from another source, you could still be eligible, especially if the exposure came from different companies over time.
How the Claims Process Works
Filing a claim needs to be done accurately.
- Identify eligible trust funds. A lawyer can help you determine which companies’ trusts you can file with. This will be based on your work history and medical diagnosis.
- Collect and submit documentation. This includes medical reports, pathology reports, employment history, and any proof of asbestos exposure. You’ll also need to complete specific forms required by the trust.
- Choose a review process. Most trusts offer two:
- Expedited: Faster and with a fixed payout amount based on the illness.
- Individual: This takes longer, and considers personal details, which could mean a higher payout.
- Trust evaluation and decision. The trust will review the claim. They’ll assess your evidence and then come to a decision to approve or deny the payout.
- Receive compensation. If approved, you’ll receive payment based on the trust.
Legal assistance is recommended, and there are specialist attorneys to speed up the process.
How Much Can You Receive?
Payouts from asbestos trust funds vary. It depends on the illness, its severity, and the individual trust, among other things. To give a general idea of figures:
- Mesothelioma claims typically receive the highest compensation. This could be between $30,000 to over $100,000 per trust. This is before any reductions.
- Less severe conditions, like pleural plaques and asbestosis, tend to have lower payouts. These range between $5,000 and $20,000 typically.
- Multiple claims can be filed if there is more than one company responsible for your exposure. This can increase total compensation.
However, trust funds rarely pay the full claim value. Most operate on a payment percentage system so that they don’t run out of money for future claimants. The percentage can be between 10% and 30% of the claim value.
Do You Need a Lawyer?
It’s possible to file a claim on your own,but asbestos trust fund cases can be complex. While you’re dealing with an illness, a lawyer experienced in asbestos litigation can help identify all the trusts you’re eligible for. They’ll gather the right evidence and documentation and can help you maximize your payout.
If you’ve been diagnosed with an asbestos-related illness, a specialist lawyer is the best course of action. This ensures your rights are protected and the compensation received reflects the impact the asbestos exposure has had on your life.
