What are asbestos trust funds?

On Behalf of | May 21, 2023 | asbestos

Asbestos, a group of minerals used for their heat resistance, flexibility and insulating properties, was widely utilized in numerous industries before its harmful health impacts were recognized. Long-term exposure to asbestos fibers can lead to several serious diseases, including mesothelioma and lung cancer. The victims and their families have the right to seek compensation for their suffering, medical bills and other losses. This is where asbestos trust funds come into play.

Established by the bankruptcy courts, asbestos trust funds are created by companies that manufactured, sold or used asbestos products and later faced numerous lawsuits for asbestos-related illnesses. These help ensure that present and future victims of asbestos exposure can receive compensation, even if the responsible company goes bankrupt.

How do asbestos trust funds help victims?

These trust funds provide compensation to individuals harmed by asbestos exposure without the need for lengthy and costly court proceedings. Victims or their legal representatives file claims directly with the trust, detailing the nature of the asbestos-related disease, evidence of exposure and the financial impact of the illness. Because the process is so detailed and exact, it’s best to work with someone familiar with these matters to get your case moving.

How do asbestos trust funds help responsible companies?

Asbestos trust funds preserve the financial stability of the responsible companies, ensuring they can continue operating while providing fair compensation to victims over time. Thus, the funds serve as a bridge between the legal obligations of companies and the rights of affected individuals.

If you or a loved one is dealing with an asbestos-related illness, understanding the role of asbestos trust funds in asbestos-related compensation claims is a vital step in the journey towards justice and financial relief.