Negligence has far-reaching consequences. Take the case of this one man who fell asleep at the wheel. He crashed into a garbage truck and killed one of his passengers. His actions also injured five other individuals.
It’s hard to imagine the scope of this tragedy to the families left behind. They can pursue legal action through a wrongful death lawsuit and settlement.
Wrongful death settlements are financial compensations. They’re awarded to the beneficiaries of victims of negligence or misconduct. These settlements aim to provide financial support to the grieving families. It can also give them a semblance of justice.
A wrongful death settlement covers a range of losses. A wrongful death lawyer would insist on a payout that covers medical expenses. The agreement should also cover funeral costs and loss of income. It should also acknowledge the family’s trauma and emotional suffering.
There are various ways settlements are disbursed. They’re impacted by state laws. The circumstances of the case and the agreement details also affect payout.
Determining How are Wrongful Death Settlements Paid Out
Settlements are disbursed in various ways. You can opt for a single payment or a structured settlement. There are benefits and drawbacks to each.
- Lump-Sum Settlement
This is a one-time settlement payment. The amount is paid in full to the beneficiaries. The victim’s estate can also receive the payout. Lump sums offer immediate access to funds. These can be vital for covering funeral costs or medical expenses.
Receiving a large sum in one payment has challenges. You might encounter issues with taxes and financial management.
- Structured Settlement
The distribution of the awarded amount happens in a structured settlement. Payments are then made through regular periods over a specified duration. You can receive a payout every month or every year. You’re assured a steady income stream with this option. This is a more manageable method for families who need long-term financial stability.
Structured settlements are useful when they involve minor children. The ongoing payment means they will always have financial support.
There’s also the question of who receives the settlement. Spouses and children are usually the main recipients. Parents of unmarried victims are entitled to the settlement. Siblings and other relatives are sometimes entitled.
Beneficiaries should consider various factors when choosing the manner of payment. Think about your immediate financial needs. You should also consider long-term aims. Make sure you get the advice of experienced wrongful death lawyers.
What Factors Impact Settlement Payouts?
Several factors determine wrongful death settlements and the corresponding payouts. They include state laws and the case’s circumstances. The specifics of the agreed settlement are also a factor.
- State Laws: Every state has its take on wrongful death. These can impact the distribution of the settlement. Some regions specify that the money goes to the deceased’s immediate family. Other states allow the inclusion of parents or siblings.
- Type of Damages Awarded: Wrongful death damages usually fall into two categories. These are economic and non-economic. Economic damages cover tangible financial losses. For example, medical expenses, funeral costs, and lost income. Non-economic damages are compensation for the family’s pain and suffering. Punitive damages are sometimes awarded as well. This happens if the responsible party acted with gross negligence or intentional harm.
- Negotiated Settlement Terms: The parties involved could agree on payments during negotiations. Insurance companies would opt for structured payments. It aids them in managing their own financial risks. Families could push for a one-time payment, especially if they have immediate needs.
Last Thoughts on the Matter
It’s important to understand the distribution of a wrongful death settlement. It can help you navigate the aftermath of your loss. Make sure you know the types of payouts, beneficiaries, and potential tax issues. It will help you make informed financial decisions. You should also work with experienced wrongful death attorneys. They’ll ensure you and your family receive fair compensation. They’ll also assist you in managing the settlement.
Experienced Attorneys That Are Always on Your Side
Lost a loved one to wrongful death? You need experienced and skilled lawyers. You need someone on your side who will fight for justice. We at Warner and Warner can do that for you. Our company is one of Orlando’s premier trial law firms. Our track record speaks for itself. We’ve always won fair settlements for grieving families. Our firm specializes in defective products and skylight fall cases. We also take on vehicle and bicycle accident cases. Want us to take a look at your case? Contact us here or give us a ring at 321-450-7960.