From the late 1880s to the early 1980s, asbestos was commonly used in thousands of industrial, commercial, and consumer products. With time, its health risks became known. Asbestos exposure is the leading cause of several life-altering illnesses, such as mesothelioma, lung cancer, and asbestosis.
Over the years, hundreds of companies have been sued for using asbestos-infected products or exposing workers to this dangerous substance. Many of these companies filed for bankruptcy, but the victims still needed financial relief. This led to the creation of asbestos trust funds.
But how exactly do asbestos trust funds work? And how can they compensate victims? Let’s take a closer look.
What Are Asbestos Trust Funds?
Asbestos trust funds are special accounts set up by companies that sold or used asbestos products. The funds are created to compensate victims in terms of medical bills, lost income, and emotional suffering.
Experts believe that there is somewhere between $25 billion – $30 billion currently available in mesothelioma trust funds. While payout amounts are usually kept private, a claim can be worth from $7,000 to $1.2 million, with a median claim value of $180,000.
Why Were They Created?
Before moving forward, let’s look at the exact reason for the creation of asbestos trust funds.
In the 20th century, more and more victims and their families started filing asbestos claims against companies. Unable to handle the financial burden, many of these companies filed for Chapter 11 bankruptcy to stay in business but avoid being held accountable for their actions.
Bankruptcy courts noticed this and made it compulsory for these companies to set up mesothelioma trust funds. The aim was to pay present and future victims. Asbestos trust funds list includes companies like:
- Armstrong World Industries
- Federal-Mogul
- Johns-Manville
Eligibility for Trust Fund Compensation
The most important question is, who is eligible for a trust fund compensation? You are eligible if:
- You were diagnosed with mesothelioma, lung cancer, or asbestosis and have a confirmed diagnosis. This can include consumers who used asbestos-containing products and workers exposed on the job.
- A family member was diagnosed with an asbestos-related illness and has now passed away due to the illness.
Even if you don’t know the exact site or year of exposure, a reliable asbestos law firm can help establish your case. Reputable firms like ELSM Law will handle everything while you recover.
How to File a Claim
Follow these steps to file a claim against an asbestos trust fund:
Hire a lawyer
They will gather medical documentation and determine an exposure timeline. Skilled mesothelioma lawyers will also work with expert witnesses to strengthen your case.
Gather necessary documentation
This includes employment or military records showing where and when exposure occurred, proof of product exposure (such as job site lists), and a death certificate (if filing on behalf of a deceased loved one).
Choose a trust fund
There are over 60 active asbestos trust funds at the moment. You may be eligible to file with more than one if multiple companies were involved in your exposure. Consult with your attorney to determine the best course of action.
