Understanding Wrongful Death Settlements
What Does Wrongful Death Mean?
When a person dies as a result of the inaction or negligence of other party either directly or indirectly, it is known as Wrongful Death.
A party is usually required to foot all medical and funeral costs which their negligence has resulted in as the dead party’s family would have to bear the expenses without the late person’s input.
How do You Know a Wrongful Death Settlement?
The family of a diseased person is entitled to financial compensation in the event of a successful wrongful death claim. This happens when a person dies as a result of another’s negligence.
Various situations can prompt you to make a wrongful death claim, and some of them are car crashes, faulty products, workplace accidents, medical malpractice, and negligence, among others. Financial compensation for a successful wrongful death claim is usually given out as structured settlements which the family can then benefit from over a long period and a specified payment stream plan.
Who’s in the Position to Make a Wrongful Death Claim?
If you have suffered any forms of hardships as a result of the death of the deceased, then you’re also viewed as a “party in interest.” The three categories of people who are allowed to sue for a wrongful death claim are;
Spouse or Children
The spouse or child of a deceased is in the position to make a wrongful death claim as the law believes that either of the two parties will have suffered some forms of hardship as a result of the deceased’s death.
A spouse or child (by birth or adoption) is considered an immediate family member, and this gives them the right to make a wrongful death claim.
Anyone who depends on the deceased financially such as a domestic partner or staff is also in the position to make a wrongful death claim as the law deems them fit to have suffered undue hardship as a result of the death of their benefactor.
Although this is not an accepted practice in all states of the country, some states do recognize this connection between the deceased and their financial dependents.
Distant relatives such as grandparents, uncles, aunties, siblings are also allowed to file a wrongful death claim. The claim is even stronger if they are guardians of the deceased or are in charge of his or her estate.
The state also determines a wrongful death claim in this situation. In some states, the parents of a perished fetus can file for wrongful death if they sense any medical malpractice involvement.
How do you File a Wrongful Death Claim?
Although it can be very tempting to take laws into your hands, our vast experience in the sector has shown that in matters such as these, professional help is usually the best way to go.
The proper way to file a wrongful death claim is to hire a legal representative who is well equipped to handle the legal complexities involved in a wrongful death claim. The laws in different states vary, and only a legal representative possesses the technical know-how to see you through.
How to Reach a Wrongful Death Settlement?
Mediation and Arbitration are the most common forms of wrongful death settlement. This is because a majority of wrongful death claims do not eventually get to trial; they are usually settled out of court in the best interest of both parties. Out of court settlements are as binding as a judge’s ruling, so you do not have anything worries.
Mediation is a simple process that involves a third party known as a mediator who listens to both sides of the case and offers suggestions based on it. A mediator can be a neutral representative or a respected third party who’s not involved with either of the two parties involved in the case.
Arbitration, on the other hand, is the most popular form of out of court settlements. It involves a judge who listens to both sides of the story out of the courtroom and rules in favor of the party with the better case. Any decision made in Arbitration can either be legally binding or now. In cases where it is not, you will still be able to appear in court in a favorable verdict is not reached in the arbitration process.
How do you Receive your Wrongful Death Compensation?
In many wrongful death cases, the payment plan for your compensation usually comes as a structured settlement although you will also be able to choose the payment of a lump sum if you have to settle any urgent pending bills.
A structured settlement is the most common form of compensation, and this is because it is long term and can serve as a substitute for whatever income the deceased provided while they were alive. A structured settlement plan might be difficult to adjust once a conclusive payment stream has been decided upon.
Not to worry, though, at BH Fast Funding LLC, we will help provide ways in which you can access cash sooner when you need it.
How do you Take a Step in the Right Direction?
You can contact us today at BH Fast Funding for inquiries on how to make the best of your wrongful death claim or settlements. We have a deep interest in helping you reach financial stability in the event of the loss of your loved ones just as we have done for our numerous clients spread across the country.
If you decide to sell your structured settlement or a part of your structured settlement now, we will help you source a deserving cash equivalent in as little time as possible to cover your bills. At BH Fast Funding LLC, we are more interested in seeing you stay ahead of your finances, and we will help you understand the various payment options available to you both short and long term.