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How an Asbestos Settlement Trust Fund Works Companies that have deliberately exposed workers to asbestos need to establish trust funds. An experienced mesothelioma lawyer understands how trust funds function and can help you access them. Each trust has a set of payment guidelines. Compensation is given to those who suffer from asbestos-related illnesses, such as mesothelioma. A personal review gives you the opportunity to challenge this predetermined payout amount. Liquidation Companies that produce asbestos-based materials know they are putting people's lives at risk. They are also aware that they may be sued by those who have suffered injuries from harmful substances. To avoid bankruptcy and litigation many asbestos companies have established trust funds to pay compensation to victims of mesothelioma lung cancer, mesothelioma, and other asbestos-related diseases. A mesothelioma attorney can help asbestos sufferers identify the trust funds that are available to them and develop a strategy for maximum compensation. Asbestos lawyers are able to gather the necessary evidence and submit asbestos trust fund claims on behalf of their clients. They will collaborate with the patient to examine the medical and work history of the patient, determine the responsible asbestos manufacturers and establish a connection between the illness caused by asbestos exposure. Lawyers will also investigate alternative compensation sources like veterans' benefits, in order to ensure that the victims are fully compensated for their losses. Each asbestos trust fund has a set criteria that must be met in order to submit a successful claim. These guidelines are typically listed on the trust's website. Some of the most popular include evidence of an asbestos-related diagnosis, detailed documentation of the exposure, and the statute of limitations for filing a lawsuit in the state court. Trust funds evaluate a victim's claim and determine an estimate of the value. The figure is based upon the past judgments in the legal tort system as well as the amount of non-economic injuries suffered by the patient. The trustee also takes into account the number of dependents, age and other factors related to the illness the patient is suffering from. When a claim of a victim is approved the liquidation process begins. The trustee negotiates with your lawyer to settle the claim and the value of the payment. Liquidation can occur on an expedited or individual review basis and is typically an extended process. When a settlement is reached upon, the victim will receive the money shortly after. Typically the amount is predetermined for those who apply for the expedited review. Individual reviews might require more negotiation with trustees and their payouts will likely be less than those who file under expedited review. Expedited Review The asbestos companies that knowingly exposed people to their dangerous products should be held responsible. Asbestos victims deserve compensation for their losses. Asbestos trust funds provide a legal mechanism for obtaining financial aid without having to sue a negligent company. These funds allow those suffering from mesothelioma and other asbestos-related diseases to seek financial assistance in order to cover their medical expenses loss of income, discomfort and pain. Due to the large number of mesothelioma lawsuits filed against asbestos companies, some firms were unable to survive and eventually went bankrupt. To avoid being sued, the law required that these firms set up asbestos trust fund. There are currently more than 60 asbestos trust funds, with more than $30 billion set aside to pay claims of victims. Despite the large amounts of money available, the victims are likely to wait for decades before they receive their full payout. Each trust fund has specific requirements that must be met to qualify for an assessment. The procedure for filing a claim is complex and requires a lawyer who understands the specifics of each asbestos trust fund. A mesothelioma attorney will help their clients gather all necessary documents and evidence, such as employment records, military service documents, and detailed medical records that confirm an asbestos-related diagnosis. Mesothelioma lawyers are experienced in filing asbestos trust fund claims. They can review your records to determine if you are eligible for expedited review. If you are eligible the trust fund will speed up your claim and then pay you a certain amount. The trustees of asbestos trusts must adhere to strict guidelines when reviewing the claim. They must scrutinize medical records as well as diagnoses and other evidence in order to determine whether a victim is eligible for a specific review. The trustees must also ensure that the trust has enough money to cover all eligible claims and they can decide to liquidate a trust when it is oversubscribed. To ensure that your claim is successful, it's essential to work with a mesothelioma lawyer who knows the specific guidelines of asbestos trust funds. A mesothelioma lawyer will be knowledgeable about the pros and cons of each option, and assist you to determine which trust fund is most suitable for your specific situation. Individual Review Trust funds for asbestos are an option for asbestos-related victims to receive compensation without having to go to court. The amount of a payment is determined by a variety of factors. These include the type and severity of their mesothelioma. Also, the amount of asbestos trusts they're eligible for and other financial damages that result from exposure including lost income and medical expenses. If a patient meets the criteria for an asbestos trust, they will need to complete the claim and provide evidence of their asbestos exposure and mesothelioma diagnosis. The trust will then assign their case an individual value. The value is determined based on the trust's history, prior awards, the victim's age and condition, and other relevant information. The asbestos trusts have a system known as a “disease-level” that ensures that all patients of the same disease receive equal compensation. Mesothelioma always appears in this list, but other asbestos-related diseases also may have different levels depending on the asbestos trust. The higher the amount of compensation, the more money the victim can expect. Some asbestos victims might be qualified for compensation from more than one trust, which could increase their total payout. Some asbestos victims worked for more than one asbestos manufacturer, making them eligible to claim with the mesothelioma funds created by each manufacturer. Asbestos trusts award compensation according to payment percentages. This prevents the funds for future asbestos victims from being exhausted. In most cases asbestos victims receive their payouts within 90 days of filing claims. The amount of their compensation will depend on a variety of aspects such as the severity of their illness and the amount of financial assistance they require from other sources, like lawsuits or Social Security disability benefits. Victims can also get compensation through the Veterans Affairs Compensation Program or from companies that are accountable for their exposure to asbestos. Trust funds for asbestos are typically more lucrative, however they can be more difficult to be successful. The best way to win asbestos lawsuits is to use experienced lawyers. How to File a Claim In the early 1980s, asbestos-producing businesses and asbestos-mining companies became aware of the dangers associated with asbestos exposure. As Nampa asbestos lawyers of the bankruptcy process they contributed to trust funds. These trusts are designed to pay victims for losses which include medical expenses and lost income. More than $30 billion has been allocated in more than 20 bankruptcy funds to pay for asbestos-related diseases like mesothelioma. To claim compensation, you must consult with an experienced asbestos attorney to provide all relevant details regarding your mesothelioma or other health condition. This information includes proof of asbestos exposure, your employment history, and the date and time you were exposed to asbestos. Unlike mesothelioma lawsuits, which have multiple plaintiffs in similar cases, asbestos trust claims are dealt with on an individual basis. Each asbestos trust has its own rules to determine who is eligible and how much compensation they are entitled to. The criteria for determining eligibility varies according to the asbestos trust and typically requires documentation that demonstrates your diagnosis of an asbestos-related condition, medical costs and loss of income. Trusts also determine how much to pay in liquidation and also set the percentages of payment. These provisions help keep the value of each claim to a sufficient amount to ensure that enough money is available for future asbestos victims. These safeguards also guard the trusts from being depleted, by preventing fraudulent or non-representing asbestos claims. Asbestos Trusts have a variety of procedures for evaluating and settling asbestos claims. These include expedited review, individual review, and group review. The expedited review is a type of review where claims are grouped according to a specific asbestos diagnoses and are swiftly reviewed and paid. Individual reviews require the trustees to review each claim in turn and determine a distinct value to the claim. This usually takes longer and could result in a lower payout. State laws and rules that govern compensation awards are other factors that affect the amount of compensation awarded by an asbestos settlement trust fund. Some states require victims to disclose past asbestos compensation in an appeal and this can affect the amount of compensation awarded in the trust case. Other factors can reduce the amount a victim receives from the trust, like setoff laws.