What is an asbestos trust fund?

An asbestos trust fund is a type of financial trust that is set up to provide compensation to individuals who have been diagnosed with an asbestos-related illness. In South Carolina, these trust funds are set up by companies that have been found liable for asbestos-related illnesses. The trust funds are used to provide compensation to individuals for medical expenses, lost wages, and other forms of financial relief. When a company is found liable for an asbestos-related illness, it is sometimes ordered to establish an asbestos trust fund. This fund is established with settlements or judgments that the company has received from asbestos litigation. The money in the trust fund is then used to compensate individuals for their losses and damages due to an asbestos-related illness. Generally, the funds are administered by an independent trust administrator who ensures that individuals who are eligible for compensation are able to receive it. The reason why asbestos trust funds are set up is to provide a faster and more efficient way for those suffering from an asbestos-related illness to receive compensation compared to traditional litigation. Additionally, because the trust funds are administered independently, it helps to speed up the process, as the company does not have to be involved in the process. This means that individuals can receive compensation more quickly.

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What is an asbestos trust fund?

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