You recently received a mesothelioma diagnosis, and in talking with your doctors about how to best treat it, you’ve come to realize that while insurance may cover most standardized treatment options, they won’t cover anything that they deem to be experimental — which is what you need. In looking for ways to cover mesothelioma treatments that your insurance may not or that you can’t afford out of pocket, you might have heard about asbestos trust funds. If you’re wondering if you qualify for compensation from an asbestos best fund, keep reading, where we’ll discuss how to qualify for this.
What Is an Asbestos Trust Fund?
Many companies that used asbestos fibers to manufacture their products went out of business in the 1980s in response to increased reporting and awareness of the health dangers this toxic mineral caused that occurred in the 1960s and 1970s and their inability to shift to using other materials. Many of the manufacturers and other employers had fallen deep into debt by the time they decided to close shop and thus were forced to file bankruptcy.
The trustees presiding over these companies’ bankruptcies, having read about asbestos being carcinogenic, had the foresight to anticipate how those who’d worked closely with asbestos might eventually sue their employers for exposing them to it and, thus, the illnesses it can cause. This anticipated outcome led to bankruptcy trustees taking any of these companies’ liquid assets and placing them in a trust that their former employees could tap into if they ever received one of these unfortunate diagnoses.
Since their creation, workers nationwide have staked claims to their companies’ trust funds (if one was set up for them). However, over the years since their employers’ asbestos trusts were funded, many, like yourself, who’ve received a mesothelioma diagnosis have found that the once-available funds contained in an asbestos trust have already been exhausted or that funds are close to drying up.
What Are the Qualifying Criteria for Receiving Trust Funds?
There are two primary criteria for receiving asbestos trust funds, which are:
- You must have a confirmed medical diagnosis: While a mesothelioma diagnosis, whether you have the testicular, abdominal, lung, or heart variety, may certainly be a qualifying diagnosis, so too may be any asbestos-related disease, such as asbestosis or lung cancer.
- You must be able to attribute your diagnosis to asbestos exposure: One of the most common ways to do so is by verifying your employment in certain roles during specified timeframes. Close relatives of workers can prove they gained secondary exposure through their employment in certain industries where asbestos was used as well.
It should be noted that while a lot of discussions about asbestos trust funds focus on employees and their ability to tap into trust funds, individuals who resided in older buildings where asbestos existed or many other circumstances in which someone may have unsuspectingly come into contact with the toxic substance may also allow them to claim funds. This is why it’s imperative that anyone who has a confirmed diagnosis and knows the suspected source of their asbestos exposure reach out to a mesothelioma lawyer to better understand their rights.
How To Exercise Your Right to an Asbestos Trust as a Mesothelioma Patient
As we hinted at earlier, not every company that used toxic asbestos fibers for production ended up filing bankruptcy, and not all who did may have had trusts set up for their former employees to tap into if they were diagnosed with an asbestos-related disease. So, assessing whether your employer filed for bankruptcy and, if so, whether a trust was set up in your interest may require some research. Our legal team at Frost Law Firm knows where to look to verify whether there’s one or not.
If we find that a trustee ensured that an asbestos trust fund was created for your employer and you meet the established criteria, an attorney can assist you in claiming the funds you may be entitled to. This approach may allow you to recover compensation for losses such as:
- Existing and future medical bills, including ones for medications
- Lost wages and diminished or lost earning capacity
- Non-economic damages like pain and suffering, mental anguish, and loss of enjoyment of life
Even if tapping into an asbestos trust fund isn’t possible, filing a legal claim against another third party may be possible. So, it’s certainly important that you reach out to our law firm to meet with an attorney for a free consultation to discuss your illness and liability for it. Just remember that there are deadlines for filing cases like these, and funds may be scarce, so making contact as soon as possible is critically important if you’re curious if you qualify for asbestos trust funds in your specific situation.
