Asbestos Trust Funds

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.

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.

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
• Johns-Manville
• 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.