What Are Asbestos Trust Funds?
Asbestos trust funds are financial resources available to people who developed serious asbestos-related illnesses, including lung cancer, mesothelioma, and asbestosis.
By the 1980s, a number of lawsuits were filed against asbestos-containing product manufacturers, leading many to file for bankruptcy to limit their liability.
Bankrupt companies cannot be sued — even though they may have had millions of dollars still available. However, courts required these companies to set aside funds for current and future victims of asbestos exposure and their families.
Manufacturers knew of the dangers of asbestos for decades, yet continued to put millions of people at risk. Because asbestos has a long-latency period, people are still at risk of serious illness decades after their initial exposure.
If you have developed asbestos-related lung cancer or mesothelioma, you may be eligible for compensation from asbestos trust funds and an asbestos lawsuit. Get a free case review to see how you can get the compensation you need for treatment.
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Who Is Eligible for Asbestos Trust Fund Payouts?
To access funds from an asbestos trust fund claim, you must meet certain eligibility requirements.
You may qualify to file a trust fund claim if you:
- Have been diagnosed with lung cancer, mesothelioma, or other asbestos-related diseases and were exposed to asbestos products listed in the trust
- A family member or loved one of someone who died from an asbestos-related disease
Each trust has its own eligibility criteria, and the requirements can vary depending on the specific trust and the circumstances of your exposure.
You may qualify to file claims against many asbestos trust funds depending on which asbestos-containing products you were exposed to.
If you believe you may have been exposed to asbestos, consult with a legal professional to determine your eligibility for compensation.
Average Asbestos Trust Fund Payouts
Mesothelioma patients often receive $300,000-$400,000 total from asbestos trust funds. Trusts award the most money to mesothelioma patients, but those with other asbestos-related diseases can still receive compensation.
The actual payout an individual receives can vary widely depending on their specific circumstances and how many trusts someone is eligible for.
Unfortunately, asbestos trust fund payouts may not fully compensate individuals for their losses and suffering. In fact, the American Cancer Society reports that patients may spend $140,000 or more annually on lung cancer treatment and even more on mesothelioma treatment.
While asbestos trust fund payouts may offer some financial assistance, you may also be eligible for additional compensation through an asbestos lawsuit.
Factors That Affect Asbestos Trust Fund Payouts
Several factors can impact the amount of compensation you may receive from an asbestos trust fund.
- Amount of damages: The amount of damages you have suffered due to your asbestos-related disease, such as medical bills, lost wages, and pain and suffering, can also impact the payout.
- Number of trusts: Some people may have been exposed to asbestos products created by multiple companies, which may result in eligibility for multiple trust funds. The number of trust funds an individual qualifies for can impact their overall compensation.
- Payment percentages: Many trusts are allowed to pay only a percentage of a claim’s full value. Doing so will ensure the trusts don’t run out of money and so that future victims can get paid. Unfortunately, this also means that you may not get the full value of your trust fund claim.
- Type of disease: The type of asbestos-related disease can affect the amount of compensation you may receive. Mesothelioma, for example, often results in higher payouts compared to other asbestos-related diseases.
When Will You Receive Your Trust Fund Payout?
The claims process is often handled quickly to help claimants access their money sooner, particularly for those with a poor prognosis due to malignant asbestos diseases.
While each trust fund will likely pay at different times, you can often start to get money from asbestos trust funds within 90 days of filing.
An experienced asbestos lawyer can help claimants navigate the expedited review process and ensure that their claim is properly prepared and submitted.
How to File an Asbestos Trust Fund Claim
You need to file a claim to get financial compensation from an asbestos trust fund.
An asbestos trust fund claim must include documentation proving asbestos exposure, medical diagnosis, and other relevant information. Once filed, the claim is reviewed by the trust to determine the amount of compensation you are entitled to receive.
Learn about each step of the asbestos trust fund claim process below.
1. Contact a Trusted Law Firm
Asbestos-related illnesses are incredibly stressful, and trying to file a trust fund claim or a lawsuit while being sick can be overwhelming at first.
However, a lung cancer law firm can make filing an asbestos trust fund claim much easier. Lawyers at these firms can determine when, where, and how you were exposed to asbestos and file claims on your behalf with any and all trusts that you qualify for.
The best asbestos lawyers work on a contingency basis, meaning they don’t require any upfront costs.
They may also be able to help veterans with lung cancer or other asbestos-related illnesses apply for benefits from the U.S. Department of Veterans Affairs (VA). These benefits include monthly financial payouts and free or low-cost medical services.
2. Build Your Case
To build your case, you may need to provide certain forms of evidence. An asbestos lawyer can help you determine which types of evidence will be necessary for your trust fund claim.
To build your case, you may need:
- Employment records, to establish a link between your asbestos exposure and the company or companies responsible for the exposure
- Financial statements, to help lawyers establish how much your illness has cost so they can secure an appropriate amount of compensation for you
- Medical records, which can establish your diagnosis and connect it to asbestos exposure
- Witness statements, as they can help support your claim by providing evidence of your exposure
3. File Your Asbestos Trust Fund Claim
After gathering the necessary documentation, you must file your claim with the appropriate trust fund(s). When working with our legal partners, you won’t have to file the asbestos trust fund claim yourself, making the process much less stressful.
There are deadlines on when to file asbestos trust fund claims. In most cases, your case must be filed within 3 years of being diagnosed with asbestos-related lung cancer. If the deadline passes, you won’t be able to receive any compensation.
Top asbestos attorneys can make sure your trust fund claim is filed before time runs out.
4. Claim Review
Once your asbestos trust fund claim is submitted, the trustees will review it in one of two ways: through an individual review or an expedited review.
- An expedited review allows the trustees to determine if the claim meets an established set of criteria, and will award a fixed amount based on predetermined values.
- An individual review means that the trustees will review the claim and determine a unique value for it. This process takes more time than an expedited review does and could award your claim with more or less compensation.
Your asbestos attorneys can help determine if an individual or expedited review claim will be better for your case.
5. Access Compensation From Trust Funds
Once your claim is reviewed and approved, you will receive compensation from the appropriate asbestos trust fund.
Remember, each asbestos trust fund is different, but you could start to get trust fund payouts in 90 days or less after filing.
The amount you receive will depend on several factors, including the type and severity of your asbestos-related disease and the number of trusts you qualify for.
List of Current Asbestos Trust Funds
An asbestos attorney from a trusted law firm can assist you with filing claims and getting the highest amount of money for your claim.
Asbestos litigation attorneys can also determine which trust funds you can access based on your asbestos-related illness, helping you get enough money for treatment.
Companies with asbestos and mesothelioma trust funds include:
- A.P. Green
- API, Inc.
- Armstrong World Industries
- ASARCO, LLC
- Babcock & Wilcox Co.
- DII Industries
- Owens Corning/Fibreboard
- United States Gypsum Company
- W.R. Grace
- Western Asbestos
Find Out if You Qualify for Asbestos Trust Fund Compensation
If you or a loved one have been exposed to asbestos and developed an asbestos-related disease, including lung cancer, you may be eligible to access compensation from an asbestos trust fund.
Remember: Asbestos trust funds contain over $30 billion, and you can receive some of this financial aid to cover your medical bills and other expenses after a diagnosis.
The Lung Cancer Group team has recovered over $4 billion for those with lung cancer and other asbestos-related illnesses. Get a free case review to learn how we can help you file asbestos trust fund claims and pursue other forms of compensation after a diagnosis.
FAQs About Asbestos Trust Funds
What is the average payout for asbestos trust fund claims?
The value of an asbestos trust fund claim can vary based on a number of factors, including the severity of the claimant’s illness, which asbestos-based products they were exposed to, and how many trusts they file claims with.
Asbestos trust fund payouts can range between $300,000 and $400,000. However, some people have received more than $750,000. Working with a trusted asbestos lawyer is incredibly important since they will do everything they can to secure the most compensation for your trust fund claims.
How much money is left in asbestos trust funds?
There is roughly $30 billion still available in asbestos trust funds today. By filing claims with these trusts, you can receive some of this financial aid. Call (877) 446-5767 to get started.
What do I have to do to access asbestos trust funds?
To access asbestos trust funds, claimants must typically provide documentation of their asbestos exposure and their resulting illness.
This may include medical records, work history, and other supporting evidence.
An experienced asbestos lawyer will be able to help gather this information and file for compensation from asbestos trust funds.
Do I need a lawyer to file an asbestos trust funds claim?
While it is not required to have a lawyer to file an asbestos bankruptcy trust claim, it is highly recommended.
Asbestos trust fund regulations can be complex and confusing, and a lawyer with experience in asbestos litigation can help ensure that your claim is properly filed.
Additionally, working with a mesothelioma attorney can help alleviate some of the stress and uncertainty associated with the asbestos lawsuit process.
What is the statute of limitations for asbestos trust fund claims?
Each state has different rules and time limits, known as statutes of limitations, for when people can file claims against asbestos trust funds. However, most asbestos trust fund claims must be filed within 3 years of a diagnosis.
It’s important not to delay in filing an asbestos trust fund claim. If time runs out, you won’t be able to get any compensation. Get started now with a free case review.
Is an asbestos trust fund claim different from an asbestos lawsuit?
Yes. These are two different types of options for asbestos compensation. Trust fund claims do not require all the steps of a typical lawsuit.
Asbestos lawsuits may require additional steps, but filing a lawsuit may help you secure even more asbestos compensation to help you pay for lung cancer treatment.
Your lung cancer lawyers can help you understand the differences and file both asbestos trust fund claims and lawsuits simultaneously.