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Asbestos Trust Funds

Nationwide, over 58 companies have put aside more than $30 billion in asbestos trust funds to compensate injured workers and their families. These companies have acknowledged their disregard for worker safety and have been compelled during bankruptcy proceedings to create asbestos trust funds.

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List of Asbestos Trust Funds

Currently there are about 60 active asbestos trust funds with more than $30 billion being held for asbestos victims and their families. Each of these funds has different distribution percentages and procedures. The highest funded asbestos trusts include:

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Trust Funds vs. Lawsuits

Both trust funds and lawsuits allow mesothelioma victims to collect financial compensation for disease treatments, living expenses and financial security. However, they each have different eligibility requirements, needed documentation and legal protocols.

Asbestos-cancer patients and their families should examine the options to determine which is suitable to individual needs. In some cases, mesothelioma patients and their families can file asbestos trust claims and asbestos lawsuits concurrently.

Difference Between Trust Funds and Lawsuits

Who is Eligible?

Have you been diagnosed with mesothelioma or any asbestos-related disease? You are likely eligible for financial compensation from mesothelioma trust funds.

The funds were created to provide financial assistance for anyone who has been diagnosed with an asbestos related disease. This includes factory workers, members of the military and even family members who were exposed to second-hand asbestos.

Our attorneys help trust fund claimants prove they were exposed to asbestos and have developed a resulting disease.

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How Do I Apply?

In applying for trust fund compensation, claimants must answer questions about their asbestos-related disease and which companies are responsible for the asbestos exposure. That means claimants must disclose work documents, medical records and witness statements, among other things.

Trust fund administrators, also called trustees, require claimants to submit the documentation free of errors and within a limited time period from the diagnosis date. In some cases, trustees allow expedited claims for quicker access to funding.

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How Much Money Can I Receive?

Individual trust fund compensation varies widely by mesothelioma victim. While there are billions of dollars in the funds collectively, there is still not enough to pay all claims in full. Some funds pay one percent of the request amount, while others pay in full. On average, the compensation amount is 25 percent.

The best way to recoup the highest percentage of requested funds is to consult with an attorney experienced in trust fund compensation.

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Frequently Asked Questions

What are the criteria to file an asbestos trust fund claim?

Bankruptcy trust procedures require asbestos-exposure victims and their families to submit documentation that confirms an asbestos-related illness diagnosis. This includes employment records, medical documentation and a death certificate, if applicable. Anyone who files an asbestos claim must meet medical requirements set by individual trusts. Each trust has lists of compensable diseases, including asbestos lung cancer, mesothelioma and asbestosis. Claimants who choose an expedited review, which offers quicker payments, must meet a minimum set of presumptive exposure and disease levels. Individual claims require more detailed information but may provide higher payouts because they are considered based on individual merits. Anyone seeking funds from an asbestos trust should contact a qualified asbestos lawyer for assistance through the complicated procedure.

Who is eligible for compensation from asbestos trust funds?

Anyone who has been diagnosed with mesothelioma or any asbestos-related disease is likely eligible for compensation from asbestos trusts. This includes workers who were exposed to asbestos on the job and their family members, who were exposed to second-hand asbestos. Claimants must be able to prove the exposure, through a combination of employment documents, medical records and, in some cases, witness testimony. If the victim has died, close family members, including a spouse, children and parents, can file a claim to receive compensation from trusts. The best way to determine your eligibility is to contact our qualified asbestos attorneys today for a free consultation.

How much is the average settlement amount from asbestos trust funds?

On average, asbestos trust claimants with mesothelioma receive $180,000 per claim, with an award range from $7,000 to $1.1 million. Other asbestos-related diseases offer different settlement amounts. The amount of individual trust fund settlements are determined by a number of factors including the type of asbestos-related disease, progression of the disease and amount of exposure. Overall, the 30 largest asbestos trust funds contain some $30 billion to compensate victims. Most trust funds pay only a percentage of the requested amounts to ensure there is enough money for all victims. The compensation percentage amounts periodically increase and decrease, depending on the amount of claims made on the trust.

How are claim values calculated?

Each trust has individual guidelines for payments based on a list of occupation and compensable diseases, including asbestos lung cancer, mesothelioma and asbestosis. The amount of compensation depends on a number of factors, including type of exposure and severity of the disease. Those with the most severe disease, such as mesothelioma, receive the highest claim amount. Claimants diagnosed with mesothelioma receive about $180,000, on average. The award amounts over the some 60 available trusts range from $7,000 to $1.1 million, depending on the total funding in the trust and the amount of claimants. In general, claims submitted in an expedited review receive a pre-determined amount, while claims submitted under individual review receive compensation based on personal circumstance.

How long does the trust fund claim process last?

The time to process a claim varies greatly depending on the information provided when the claim is filed. Those with limited or inadequate documentation are deemed deficient and sent back to the claimant for more information. Claims that are complete and in order generally receive an offer letter within six to eight weeks. All claims are paid on a first-in, first-out basis, except for claimants with severe financial hardship or exigent health claims, where there is medical doubt the claimant will survive six months or more due to an asbestos-related illness. Those claimants are put to the front of the line. An attorney experienced in trust fund claims can provide guidance and help submit the trust claim to expedite the process.

Can a claim be filed if you do not know which company is responsible for the asbestos exposure?

It is not uncommon for asbestos-injured claimants to be unable to pinpoint the company responsible for the exposure. In many cases, there is more than one company responsible. Federal bankruptcy code does not limit the number of trust claims an individual can file. There is also no limit on the total allowable compensation. It is not unusual for an asbestos-injured claimants or family members to file claims and receive compensation from multiple asbestos trusts. The best way to identify at-fault companies is to hire an asbestos attorney. Our skilled attorneys will review your work history and other details to help narrow the companies responsible for your exposure.

How do I file a claim against an asbestos trust?

With a confirmed diagnosis of an asbestos-related illness, claimants must determine which company or companies are responsible for the disease. From there, work records, medical documentation and witness statements must be obtained to prove your claim. The appropriate documents must be filed accurately and, in some cases, within a three-year statute of limitations from the diagnosis date. If any of the documentation is deemed incorrect or inaccurate, claimants must correct the mistakes, further lengthening the process. The simplest way to file an asbestos trust claim is to contact an attorney who can walk you through the complicated process. Our skilled asbestos attorneys can help uncover your work history to determine the at-fault company or companies.

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