asbestos trust fund

Mesothelioma Compensation: What are Asbestos Trust Funds?

Mesothelioma is a very fast-moving form of cancer, which is primarily seen in individuals who’ve been exposed to asbestos.

Unfortunately, mesothelioma life expectancy is quite poor, with just 4 in 10 patients surviving just one year after diagnosis and less than ten percent survive five years. This rapid disease progression makes a mesothelioma cancer diagnosis especially devastating. It complicates matters because there is often a company or government agency (such as the military) that holds liability for the initial asbestos exposure — exposure that can lead to a mesothelioma diagnosis anywhere from 10 to 40 years down the road.

But the fast-moving nature of this disease means that filing a mesothelioma lawsuit is impractical for patients who need financial assistance now; especially when you consider that they may not survive for the months or years that it may take for a lawsuit to reach its conclusion with a mesothelioma settlement.

This is just one reason why mesothelioma and asbestos trust funds were established — to help asbestos exposure victims who’ve received a mesothelioma diagnosis in the years following their exposure.

Many asbestos trust funds were also created by companies and agencies who have acknowledged negligence and wrong doing. Over the years, it has been revealed that many companies and agencies knew that they were exposing people to potentially dangerous and cancer-causing asbestos, but they failed to issue warnings and cautions.

In an effort to avoid bankruptcy and slews of asbestos lawsuits, many companies established trust funds as an alternative option for individuals seeking mesothelioma compensation.

A designated trustee oversees the claims that are submitted to the trust. The trustee(s) also determines which claims will be paid out and how much will be paid to the victim.

How Do You Get Mesothelioma Compensation from an Asbestos Trust Fund?

Each mesothelioma and asbestos trust fund has its own unique guidelines and requirements for approval. You typically need to provide documentation and meet specific criteria (such as having worked for a company a high-risk position) in order to receive compensation from one of these mesothelioma trust funds.

The process of obtaining funds from one of these trusts is fairly standard, comprised of four steps:

  • A Claim is Filed. The claim typically includes a standardized form, a written account of the asbestos exposure incident, medical documents confirming a mesothelioma diagnosis or another disease from asbestos exposure and any other supporting documents, which may confirm your employment with a particular company or the fact that you held a particular high-risk position.
  • The Claim is Reviewed. The trustee will review the claim and the supporting documents to confirm that the individual meets the guidelines and requirements for receiving compensation.
  • The Claim Liquidation Process is Performed. Based on the review of the victim’s claim paperwork and supporting documents, the trustee for the asbestos trust fund will offer a financial settlement. This sum is usually subject to negotiation.
  • The Payment is Disbursed. Some trust funds may offer a lump sum payment while others offer larger payments over a longer period of time.

Who Can Benefit from an Asbestos and Mesothelioma Trust Fund?

Both mesothelioma patients and their immediate family members can apply for funds from a mesothelioma trust fund. There are many different mesothelioma trust funds available, with over $30 billion available to patients.

In addition to asbestos trust funds, mesothelioma compensation is available from other sources, such as the Social Security Administration, which offers expedited benefits, and the U.S. Department of Veteran’s Affairs, which handles compensation for mesothelioma veterans and others who are suffering ill effects from asbestos exposure that occurred during their time in the service.

Mesothelioma lawsuits are also an option, including for family members who are seeking compensation for the loss of a loved one.

How to Get Mesothelioma Compensation from an Asbestos Trust Fund

At MesoWatch, our experienced team of asbestos and mesothelioma lawyers is here to assist you and your family as you seek out the compensation and other benefits that are rightfully yours.

We understand how difficult a mesothelioma diagnosis can be, whether it’s on an emotional, social, physical or a financial level. Our compassionate and caring team will work to help you get the funds you need during this difficult time. And as outlined above, there is lots of compensation available without the need to file an asbestos lawsuit.

The Meldofsky Firm understands that time is critical due to the fast progression of this illness and the statutes of limitations, so we are here to provide immediate assistance to you and your family members.

Contact MesoWatch’s compassionate legal team today and we’ll help guide you through the process of getting the money you need following a mesothelioma diagnosis or other disease from asbestos exposure.