How To Claim Your Mesothelioma Trust Fund
How To Claim Your Mesothelioma Trust Fund
Step-by-Step Guide: How to Claim Your Mesothelioma Trust Fund:
Mesothelioma trust funds are large accounts set up by companies that went bankrupt due to asbestos-related lawsuits. These funds are meant to help people who are sick from asbestos exposure. If you have mesothelioma or another asbestos-related disease, you might be able to get compensation from these funds.
Asbestos trust funds were created by companies that went bankrupt as part of their bankruptcy protection. You might be able to file claims with more than one trust fund. It’s important to find a lawyer who knows about these claims to help you gather the necessary evidence.
Many companies that used asbestos were sued by people who got sick, which led to their bankruptcy. As part of their bankruptcy, these companies set up trust funds to handle current and future claims. If you have mesothelioma and were exposed to asbestos at work, you should talk to a lawyer about whether you are eligible for compensation. This can include people who were exposed secondhand, like family members and those who lost a loved one to asbestos-related diseases.
READ ALSO: Mesothelioma Trust Fund How To Claim Your Funds
Why Mesothelioma Trust Funds Were Created
In the 1980s, many asbestos companies faced substantial mesothelioma lawsuits and subsequently declared bankruptcy. To continue operating while addressing their legal responsibilities, these companies filed for Chapter 11 bankruptcy. As part of their bankruptcy proceedings, courts mandated that they establish mesothelioma trust funds to compensate current and future victims of asbestos exposure.
These trust funds collectively hold over $30 billion designated for eligible mesothelioma patients and their families. By filing a claim with these trust funds, you could receive compensation in as little as 90 days without the need for a court trial.
Compensation from Mesothelioma Trust Funds
Payments from asbestos trust funds can range from $7,000 to $1.2 million, with the average amount being around $180,000. The variation in payout amounts is due to differences in settlement values before companies went bankrupt.
According to a 2016 report, most mesothelioma claims from these funds result in six-figure payouts. The exact amount you can receive depends on several factors, including the specific trust’s schedule of values and the amount the company paid before it went bankrupt.
Veterans can also receive benefits and claims related to asbestos exposure. Besides trust funds, other compensation options include asbestos lawsuits, Social Security Disability Insurance, and personal insurance.
List of Asbestos Trust Funds
Our team at The Mesothelioma Center has reviewed numerous asbestos trust fund resources to bring you up-to-date information about their assets, establishment years, and other key details. Below is a comprehensive list of asbestos trust funds available to mesothelioma patients and their families:
United States Gypsum Trust:
- Estimate of Initial Assets: $3.9 billion
- Year Established: 2006
Owens Corning Corporation Trust:
- Estimate of Initial Assets: $3.4 billion
- Year Established: 2006
Pittsburgh Corning Corporation Trust:
- Estimate of Initial Assets: $3.4 billion
Year Established: 2011
W.R. Grace and Co. Trust:
- Estimate of Initial Assets: $2.9 billion
- Year Established: 2001
DII Industries Trust:
- Estimate of Initial Assets: $2.5 billion
- Year Established: 2005
Johns-Manville Corporation Trust:
- Estimate of Initial Assets: $2.5 billion
- Year Established: 1988
Armstrong World Industries Trust:
- Estimate of Initial Assets: $2 billion
- Year Established: 2006
Western Asbestos (Western MacArthur) Trust:
- Estimate of Initial Assets: $2 billion
- Year Established: 2004
Babcock & Wilcox Trust:
- Estimate of Initial Assets: $1.8 billion
- Year Established: 2006
Owens Corning Fibreboard Subfund Trust:
- Estimate of Initial Assets: $1.5 billion
- Year Established: 2006
What Are Asbestos or Mesothelioma Trust Funds
- A mesothelioma trust fund is created on behalf of negligent companies that exposed workers to asbestos and have gone bankrupt. These funds are established during the bankruptcy process to set aside money for any future asbestos exposure-related claims. These bankruptcy funds protect victims who deserve compensation for what has happened to them.
How Does the Asbestos Trust Fund Work
Many asbestos trust funds have been established by single businesses or associations of a few affiliated businesses and subsidiaries.
As part of the bankruptcy process, companies that have filed for bankruptcy due to asbestos-related claims are frequently obliged to create trust funds. Trustees are then in charge of managing these funds and ensuring that qualifying claimants get compensation according to predefined standards.
Key Facts About Mesothelioma Trust Funds: asbestos claims payouts
- Trust funds set aside money for future asbestos claims.
- Funds are available to help those with other asbestos diseases.
- Mesothelioma patients may be able to file claims with more than one trust fund
How Trust Fund Payment Percentages Work
Trust funds use a set payment percentage to manage their funds and ensure they have enough money for future patients. Trust administrators regularly review and adjust this percentage to balance current payouts with future needs.
Asbestos Trust Fund Payout Factors
- Type of asbestos-related disease
- The payment schedule established by the trust
- The current payment percentage of the trust
Example: If you have a claim worth $180,000 (the median value for mesothelioma claims) and the trust’s payment percentage is 25%, you would receive $45,000. This amount can significantly help with medical expenses and lost wages.
How To Claim Your Mesothelioma Trust Fund
To file a trust fund claim, follow these steps: First, make sure you meet the fund’s eligibility requirements. Then, your lawyer will collect the necessary evidence before submitting your claim:
Meeting Trust Fund Criteria:
Each asbestos trust fund has specific requirements for filing a claim, which are usually listed on the fund’s website. Common criteria include:
- The time when you were exposed to asbestos
- The location of the exposure
- Proof of an asbestos-related illness
- Details about the asbestos products you were exposed to
- The deadline for filing a claim
These criteria can vary based on factors like where the exposure happened, what types of asbestos products were used, and when the company used them.
Get Evidence for Your Claim
To support your claim, you need to collect evidence. Your attorney and their team will assist you with this process. Here’s the evidence typically required:
- Diagnosis: Medical documents showing an asbestos-related diagnosis, such as pathology reports and imaging scans.
- Physician Statement: A statement from a qualified doctor confirming your diagnosis.
- Exposure Evidence: Proof of asbestos exposure, including witness statements, employment records, and invoices.
- Asbestos Impact: Medical records showing how asbestos contributed to your illness.
It is also important to research your work history and work with your medical team to gather diagnosis reports and other health information.
Also Read: How To Get Compensation For Mesothelioma
Submit Your Claim:
- After gathering all the necessary evidence, your attorney will submit your claim according to the trust’s procedures. Many trusts accept claims submitted online through their websites, while others may require a printed claim to be sent by mail. Your attorney will choose the best submission method to ensure a smooth approval process.
Claim Reviewed for Approval:
Asbestos trust funds have different review processes based on your exposure and situation. Below is how they review claims:
Expedited Review:
- Your claim is grouped by diagnosis for a quicker review. This process offers a fixed payment amount and usually results in faster payments. It is ideal for those needing prompt compensation.
Individual Review:
- Your claim is reviewed in detail, which takes more time. Factors such as the severity of your disease and the number of dependents are considered. Payments can vary and may be higher or lower than the fixed amount from an expedited review.
For those with terminal illnesses, like mesothelioma, and needing quick compensation, an extraordinary claim might be an option. This is suitable for those who qualify for expedited review and had exposure from a single product or employer.
If you are not satisfied with the settlement from the expedited review, you may move to arbitration. If that doesn’t resolve the issue, you have the right to sue the trust. An experienced mesothelioma attorney can help determine the best review process for your case.
Mesothelioma trust funds have an important role in providing support financially to individuals and families affected by asbestos-related diseases. By understanding how these trust funds work and following the steps listed above, you can successfully claim the compensation you deserve to help alleviate the financial burden of mesothelioma. Visit the official WEBSITE of Mesothelioma for more details.
Other Related Posts: