Asbestos Trust Funds

What Is an Asbestos Trust Fund?

An asbestos trust fund is a form of mesothelioma compensation that allows eligible victims and their loved ones to access money from bankrupt asbestos manufacturers.

Today, there’s more than $30 billion available in asbestos trust funds. You may be eligible to file claims with multiple trusts, and some people start to get compensation in 90 days or less.

Asbestos trust funds were set up in the 1980s after millions of workers and their families had been put in danger from asbestos-containing products. Many companies that knowingly exposed people to asbestos filed for Chapter 11 bankruptcy protection to avoid being sued.

However, these manufacturers were required to set aside large amounts of money in trust funds to compensate current and future victims of mesothelioma and other asbestos-related diseases.

Think you might have a claim?
See which companies have established asbestos trust funds.

Who Is Eligible to Access Asbestos Trust Funds?

Mesothelioma funds limit compensation to claimants who meet very specific criteria related to their health and the circumstances of their asbestos exposure.

You can file an asbestos trust fund claim if:

• You were exposed to asbestos-based products
• The company that set up the trust made the products you were exposed to
• You developed mesothelioma or another asbestos-related disease from using the products

Your family members may also be able to file a claim on your behalf if you cannot do so.

After being diagnosed with mesothelioma, you should file your legal claim as soon as possible. There are statutes of limitations that set time limits on filing a claim after an asbestos-related death or diagnosis. Waiting too long to file a claim could affect whether you receive compensation.

A qualified mesothelioma lawyer can help you determine which trusts you qualify for and how long you have to file a claim. Your mesothelioma attorney can also help you gather the information you need to build a strong trust fund claim.

Were you or a loved one diagnosed with an asbestos-related illness? See if you qualify to access asbestos trust fund compensation right now.

Asbestos Trust Fund Payouts

Each asbestos trust fund is managed by a group of trustees who determine how much the fund will pay out.

Some trust funds have created payment percentages to ensure they have money to pay future claimants.

Payment percentages can range from 1-100% of the claim’s full value and can fluctuate based on the number of people who file a claim.

For instance, in a trust where the full claim amount is $200,000:

• 1% payment percentage = $2,000 payout
• 50% payment percentage = $100,000 payout
• 90% payment percentage = $180,000 payout

Because payout percentages can change over time, it is crucial to file a claim as soon as possible. Start the trust fund claims process now by learning if you qualify for asbestos trust fund compensation.

How Much Money Does a Trust Fund Pay Out?

Each trust fund is different, so the payout will vary based on which companies you file your claim against, the trust’s payment percentage, your diagnosis, and other factors.

Mesothelioma patients usually secure $1 million or more through legal claims and asbestos trust fund payouts.

What Is the Average Payout from an Asbestos Trust Fund?

After payment percentages are applied, the average value of a single asbestos trust fund claim is around $41,000 per trust for victims of mesothelioma.

However, the number of trusts you qualify for, variations in payment percentages, and other factors can impact how much compensation you actually receive. Many mesothelioma victims file claims with multiple asbestos trust funds to obtain the maximum payout possible.

How Long Does It Take for a Trust Fund Payout?

The time frame to receive an asbestos trust fund payout varies from case to case. Many victims begin receiving trust fund payouts within 90 days of filing their claim.

If you and your legal team decide to have the trust complete an expedited review of your claim, you’ll get paid a fixed amount of money as determined by the trustees based on their established criteria for your diagnosis.

The other option is an individual review, where the trust fund takes a more detailed look at the unique facts of your claim. The trustees may award a higher amount than offered through the expedited review, but the process may take longer.

How to File an Asbestos Trust Fund Claim

There are several steps to follow in order to file trust fund claims and pursue financial compensation. An experienced mesothelioma lawyer can assist you with each step.

1. Confirm Your Diagnosis

No matter what trust funds you file claims with, an official mesothelioma diagnosis from your doctor is critical.

Your mesothelioma diagnosis must be confirmed through medical records, including imaging scans, biopsies, and bloodwork. Your doctor will need to describe how asbestos exposure contributed to your diagnosis and provide an in-depth overview of the extent of your illness.

2. Select a Lawyer

A key part of filing your claim is choosing the right law firm and asbestos attorney to help you.

When choosing your mesothelioma lawyer, take advantage of free consultations. This allows you to research the firm’s track record and experience in asbestos litigation. It also allows you to clear up any questions you may have about the trust fund claims process.

Selecting a mesothelioma law firm is a personal choice, but we recommend choosing one that has helped many other patients get financial assistance.

3. Get a Free Case Review

A good attorney will help you feel at ease and confident in their abilities during your case review. They will answer any questions you have and address all of your concerns clearly and openly.

You’ll need to provide as much information as possible related to your work and medical history. Your age, diagnosis, military involvement (if any), and asbestos exposure history will affect how your case is processed.

Providing your lawyer with this information up front will give you the best chance of receiving an asbestos trust fund payout.

With access to a nationwide network of mesothelioma lawyers, we can connect you with a law office that can help explain your legal options. Get started with your free case review today.

4. File Your Trust Fund Claim

Once your lawyer has all the necessary information, they will file your mesothelioma claim.

Your lawyer can provide you with a general estimate, but the exact timeline will depend on the number of claims being processed and the details of your case.

5. Receive Compensation from Asbestos Trust Funds

The amount of money you receive will depend on the type of illness you have and what your attorney can negotiate. Asbestos trusts will liquidate (pay) all claims they determine to be valid.

Download our Free Attorney Checklist right now to ensure you get the answers you need when meeting with a lawyer.

Asbestos Trust Fund List

Today, more than 100 companies have established their own asbestos bankruptcy trusts. If you or a loved one were diagnosed with mesothelioma and worked for at least one of these companies, you may be able to file a claim.

Why You Need a Lawyer to File Asbestos Trust Fund Claims

The trust fund process can be complex, and there are several aspects to consider when filing your asbestos trust fund claim. A mesothelioma lawyer can help navigate any issues that may affect your ability to get financial compensation from a trust fund.

Factors that may affect asbestos trust fund claims include:

• Compensation disclosure laws: These laws can force victims to disclose information about money from prior asbestos trust fund claims, which can affect compensation amounts.
• Setoffs: These can reduce the amount of compensation a victim is awarded in a trial. For example, if a victim wins $500,000 in a verdict but won $100,000 in a trust fund claim, they may walk away with $400,000.
• State laws: States can place limitations on claims depending on your diagnosis and whether you already filed a claim for a less severe asbestos disease such as asbestosis.
• Statutes of limitations: Each trust fund sets its own deadline to file a claim, usually 2-3 years after a mesothelioma diagnosis or death.

To learn if you qualify for asbestos trust fund compensation, connect with our partner law firm Simmons Hanly Conroy.

See If You Can Access Asbestos Trust Funds

Negligent manufacturers that hid the risks of asbestos from millions of people should be held responsible for their actions. While profiting off asbestos-based products, millions were exposed and at risk of developing asbestos-related diseases.

You and your family should not have to pay for their negligence. Thankfully, more than $30 billion is available in asbestos trust fund compensation today for families affected by mesothelioma.

Experienced mesothelioma lawyers can help you file your trust fund claim with ease and help you find additional compensation options.

The first step in securing compensation from a mesothelioma trust fund is to get a free case evaluation. Our team can help you find a trusted attorney to handle your claim(s).

Request a free consultation now to get started.