Asbestos Trust Funds

Determining Eligibility for Asbestos Trust Funds

To be eligible for financial compensation from an asbestos trust fund, you must prove the company’s involvement in your or your loved one’s exposure to asbestos and any resulting illnesses, such as mesothelioma. If you were exposed to specific products, you will have to prove this too.

Many mesothelioma funds limit compensation to claimants who meet very specific criteria. The criteria are related to your health and the circumstances of your exposure.

After being diagnosed with mesothelioma, you should file your legal claim as soon as possible. Understandably, you will want to focus on your health and treatment, but when you file your legal claim could affect whether or not you receive compensation.

Every state has its statute of limitations, limiting the time frame for filing a claim after you’ve been diagnosed.

A qualified mesothelioma lawyer can help you understand the rules in your state. Your mesothelioma attorney can also help you assess your eligibility for an asbestos trust fund and help you gather the information you need to prove it.

Were you or a loved one diagnosed with an asbestos-related illness? You may qualify to file an asbestos trust fund claim.

Asbestos Trust Funds Payout

How Does a Trust Fund Pay Out?

Today, more than 100 companies have established their own asbestos bankruptcy trusts. Asbestos trust funds are managed by a group of trustees who determine how much the fund will pay out.

To make sure that the trust funds do not run out, some trust funds have created payment percentages to ensure they have money for future asbestos payouts.

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.

How Much Money Does a Trust Fund Pay Out?

Each trust fund is different, so the payout will vary based on which company you file your claim against, the length of asbestos exposure, your diagnosis, and other factors.

Notable asbestos trust fund payouts include:

• $1.1 million from an insulation company trust fund
• $345,000 from an asbestos company trust fund
• $280,000 from a valve company trust fund
• $63,000 from a pipe company trust fund

How Long Does It Take for a Payout?

The time frame to receive an asbestos trust fund payout varies from case to case.

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.

Still, many victims begin receiving trust fund payouts within 90 days of filing their claim.

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 for victims of asbestos-related disease (mesothelioma, asbestosis, lung cancer).

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 against multiple asbestos trust funds to obtain the maximum payout possible.

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

How to File an Asbestos Trust Fund Claim

Understanding the mesothelioma compensation fund claims process and how it differs for each case is important.

The amount of information you have regarding your asbestos exposure will determine how straightforward or complex your case will be. A good mesothelioma lawyer can assist you with each step and ease many tougher aspects of filing a claim.

Diagnosis

No matter what trust fund you file a claim with, an official mesothelioma diagnosis from your doctor is critical.

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

Select a Lawyer

An essential 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 record and experience in asbestos litigation and clear up any questions you may have about the process.

Selecting a mesothelioma law firm is a personal choice, but we recommend lawyers based on their extensive expertise and specialization in your case type. With our network of mesothelioma lawyers, we can connect you with a law office.

Free Consultation

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 for your attorney to do their best. This might include personal details related to your work and medical history. Your age, diagnosis, military involvement, and asbestos exposure history will affect how your case is processed.

Giving your lawyer all the information they ask for gives you the best chance of receiving an asbestos trust fund payout.

File Your Trust Fund Claim

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

The legal process can take some time, partially because trust funds usually have an annual maximum amount of money they can pay out.

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

Get Compensation from Asbestos Trust Funds

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

Download our free Questions to Ask Your Mesothelioma Attorney Checklist to ensure you get the answers you need when meeting with your lawyer.

List of Companies with Asbestos Trust Funds

Why You Need a Lawyer to File Asbestos Trust Fund Claims

The trust fund process can be very confusing, and there are several limitations to consider when filing your asbestos trust fund claim. These limitations can impact the validity of your claim.

Some limitations on 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 filed a claim for a less severe asbestos disease such as asbestosis.
• Statute of limitations: These laws place a time limit on how long you have to file your trust fund claim. Each trust fund sets the deadline for filing a claim through them.

Since these factors may impact your ability to file a claim, it is important to consult a mesothelioma lawyer.

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

Why Asbestos Trust Funds Exist

Asbestos bankruptcy trust funds were first created in the 1980s after millions of workers and their families had been put in danger from asbestos-based products. Human use of asbestos goes back thousands of years, but its use on a large industrial scale did not occur until the mid-1800s. The adverse health effects of asbestos began to appear in the early 20th century.

The asbestos industry and the companies that used or sold asbestos worked diligently to hide the health risks associated with the substance. When demand for asbestos products grew through the mid-20th century, corporations prioritized profit over safety and exposed millions of innocent people to toxic and carcinogenic fibers.

These companies were quickly overwhelmed by the claims brought against them by victims of asbestos exposure and looked for ways to protect themselves. Many of these companies filed for bankruptcy under Chapter 11 of the Bankruptcy Code.

This allows the companies at fault (the debtor) to create a proposal for reorganization that would allow them to pay asbestos victims (their creditors) at a much lower cost. It also grants the same companies immunity from lawsuits and prevents them from being sued.

In such cases, the companies had to set aside money from assets and insurance for compensation to be paid to asbestos victims who filed future claims.

In 1982, the Johns-Manville Corporation, one of the biggest producers of asbestos-based products, filed for Chapter 11 bankruptcy. This was one of the first high-profile cases, leading to asbestos trust funds becoming standard.

File Your Asbestos Trust Fund Claim Today

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, an estimated $30 billion is available in asbestos trust fund compensation 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.

Get a free consultation today to get started.