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How to Access Asbestos Trust Funds

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Written by:

Chad Alexander, Partner, Sieben Alexander, P.A.
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Key Takeaways
  • Asbestos companies that file for bankruptcy protection must establish trust funds for victims of asbestos-related illnesses.
  • Asbestos exposure can happen in the environment, at home, or on the job. Illness may only develop years after the asbestos exposure.
  • Trust funds are only one source of financial compensation for victims of asbestos-related illnesses.
  • You must fulfill certain criteria and meet any necessary deadlines to receive a trust fund payout.
  • Working with an asbestos attorney maximizes your potential payout.

Asbestos exposure can lead to life-threatening illnesses and overwhelming medical expenses, but asbestos trust fund payouts may provide critical financial relief. Mesothelioma lawyers from Sieben Alexander P.A. have earned millions in compensation for people like you who were exposed to asbestos at home, on the job, or in the military. Call us at (651) 362-2108 or reach out online today for a free mesothelioma case review.

What Are Asbestos Trust Funds?

What Is Asbestos and Why Is It Dangerous?

Asbestos refers to a group of fibrous minerals with tremendous insulating properties. These minerals were frequently used in the early and mid-20th century in products ranging from spray-on insulation for pipes to brake pads for cars. While effective in construction and industry, asbestos fibers break down and pose a serious health risk when inhaled. How Does Asbestos Exposure Affect Health? When asbestos fibers are released into the air and inhaled, they can cause significant damage to the lungs. This can lead to conditions like:
  • Asbestosis: A lung inflammation caused by inhaling asbestos fibers.
  • Mesothelioma: A rare cancer that attacks the lining of internal organs, often not appearing until years or decades after exposure.

What Are Asbestos Trust Funds and Why Are They Important?

Because asbestos-related diseases can take years or even decades to develop, many companies that manufactured asbestos-containing products went bankrupt as a result of lawsuits from affected individuals. To ensure compensation for victims, these companies were required by law to establish asbestos trust funds. These funds are set up to pay damages to people who are diagnosed with asbestos-related illnesses.

What Are Asbestos Trust Funds?

Who Is Most At Risk for Asbestos Exposure in Minnesota?

Workers who handle or previously handled asbestos at their jobs are at the highest risk for dangerous asbestos exposure. Common workplaces with asbestos exposure include construction sites, power plants, and manufacturing facilities. If you served in the military, you may have been exposed to asbestos, especially if you worked in a shipyard.

How Can Families Be Affected by Asbestos Exposure?

You may also be at risk if you live with anyone who works with asbestos. Workers can carry asbestos dust home with them on their clothes, shoes, and hair, which can expose their families and others to the harmful fibers.

Where Is Asbestos Found?

Asbestos was frequently used in building products during the early and mid-20th century. If your home or workplace contains asbestos-containing materials, you may be at risk, particularly if you’ve directly handled them. People living near asbestos mines may also be exposed to environmental asbestos.

How Long After Exposure Can Asbestos Illnesses Develop?

Illnesses caused by asbestos exposure can take years to develop. You may be at risk even if your last exposure to asbestos occurred decades ago, such as in a former home or workplace.

What Should You Do If You Think You've Been Exposed to Asbestos?

If you believe you may have been exposed to asbestos in the past, it’s important to talk to a doctor about any signs of illness and discuss any additional health screenings you may need.

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$65.5M

VERDICT

A 37-year-old mother developed peritoneal mesothelioma from using Johnson & Johnson. This is the largest asbestos-related award in Minnesota history.

$10.2M

VERDICT

A 43 years old was diagnosed with mesothelioma after using talcum powder manufactured by Vi-Jon LLC. This is the second-largest mesothelioma verdict in Minnesota history.

 

$8.05M

VERDICT

An $8,050,000 jury verdict in 2001 on behalf of a pipefitter exposed to asbestos at a refinery.

$5M

SETTLEMENT

In 2021, Sieben Alexander attorneys recovered over $5,000,000.00 before trial for a retired Minneapolis pipe fitter in a lawsuit against manufacturers of asbestos-containing equipment such as steam traps, boilers, pipe covering, pumps, valves and gaskets, as well as defective protective masks.

$4.6M

VERDICT

A $4,600,000 jury award in March 2008 for a Northern States Power Company (NSP) worker in a case against a gasket manufacturer, affirmed by Minnesota appellate courts on appeal.

$4.6M

VERDICT

A $4,600,000 jury award in 2014 on behalf of a retired certified public account who spent one summer in the late 1950s working as an asbestos insulator.

$4M

VERDICT

A verdict of more than $4,000,000 obtained with co-counsel against a manufacturer of asbestos-containing pipe covering on behalf of a client who developed mesothelioma after working with the product for only a few months in the late 1950s while building a power plant

$3M

SETTLEMENT

A recovery of $3,000,000 in the case of a retired Twin Cities pipefitter who was diagnosed with mesothelioma in 2019 after being exposed to asbestos from the early 1970s through the 1980s. The total was recovered on behalf of this retired worker and his wife.

$2M

SETTLEMENT

A recovery of more than $2,000,000 on behalf of a northern Iowa plastic molding business owner in a case against manufacturers and suppliers of various resin materials.

$2M

SETTLEMENT

A recovery of $2,000,000.00 on behalf of a local brewery power plant turbine operator who developed mesothelioma after being exposed to asbestos throughout his career.

$1.4M

SETTLEMENT

A recovery of $1,400,000 on behalf of a laborer and pump mechanic at Butler Taconite and National Steel Pellet in Nashuwauk and Keewatin, Minnesota. The client suffered from malignant mesothelioma.

Understanding How Asbestos Trust Funds Work

How Do Asbestos Trust Funds Work?

The law requires manufacturers who file for bankruptcy protection to establish trust funds for victims of asbestos-related illnesses. These trust funds allow victims to collect compensation from the company responsible for their asbestos exposure.

How Is Filing a Claim with an Asbestos Trust Fund Different from a Lawsuit?

Filing a claim with a mesothelioma trust fund is often easier and more straightforward than pursuing a lawsuit. However, you will need to meet specific criteria and provide evidence that the company that established the trust fund is responsible for your asbestos exposure.

How Much Can You Expect to Receive from an Asbestos Trust Fund?

The amount you may receive from a trust fund depends on your individual situation and how much the company paid out in similar lawsuits before declaring bankruptcy. Many funds do not publicize their payout amounts, but a qualified asbestos attorney can help determine how much to expect.

What Can You Use Asbestos Trust Fund Payments For?

Once you receive the funds, they are yours to use as needed. You can pay off medical bills, cover other expenses, or invest in larger purchases.

Asbestos Trust Funds: Are You Eligible?

Who Can Receive Payouts from an Asbestos Trust Fund?

An asbestos trust fund can help you recover significant funds to cover medical bills or provide financial support for your family. You may be eligible for funds if you are:
  • A patient diagnosed with mesothelioma, asbestosis, asbestos-related lung cancer, or another asbestos-related illness.
  • The spouse, child, or next-of-kin of someone who passed away due to an asbestos-related illness.
  • The estate representative of someone who passed away due to an asbestos-related illness.

What Are the Eligibility Requirements for an Asbestos Trust Fund?

Eligibility for an asbestos trust fund depends on the specific requirements of the trust fund. However, in general, you will need to provide:
  • Medical evidence of an asbestos-related illness.
  • Evidence that the company responsible for your asbestos exposure is the same company that established the trust fund.

How Can an Asbestos Lawyer Assist You?

An asbestos lawyer can help determine if you qualify for trust fund payouts and assist you in understanding how much you can expect to receive. They can also help gather the necessary evidence to support your claim and navigate the claims process.

How To File an Asbestos Trust Fund Claim in Minnesota

What Are the Requirements for a Successful Asbestos Trust Fund Claim?

To submit a successful claim to an asbestos trust fund, you must meet specific criteria. At the very least, you will need to:
  • Prove your diagnosis of an asbestos-related illness.
  • Show proof that your asbestos exposure is linked to the company’s products.

What Evidence Do You Need to Submit an Asbestos Trust Fund Claim?

Proving your case may require more than just basic documentation. You may need to collect:
  • Employment records showing your work history with asbestos exposure.
  • Additional medical scans or tests.
  • Witness testimony or other supporting evidence.

Why Is Timing Important When Filing a Claim?

Time is a crucial factor in asbestos trust fund claims. Many trusts set statutes of limitation, meaning they can deny claims that are not filed promptly. It’s important to act quickly to avoid missing these deadlines.

How Can a Lawyer Help with the Asbestos Trust Fund Claims Process?

The process of filing a claim can be complex, and many families find it easier when they work with a lawyer. A law firm has the resources to help gather detailed evidence and meet critical deadlines.

Why Should You Contact a Lawyer Early in the Claims Process?

Contacting a lawyer early in your mesothelioma trust fund claim gives you the best chance of success and maximizes your potential payout. Most mesothelioma lawyers offer free, no-obligation consultations. Even if you decide not to hire a lawyer, you will still gain valuable insight into your legal options.

Sieben Alexander P.A.: Your Trusted Asbestos and Mesothelioma Attorneys

Why Choose Sieben Alexander P.A. for Asbestos-Related Cases in Minnesota?

Sieben Alexander P.A. is the only local law firm in Minnesota with a focus on asbestos cases. We are proud to serve Minnesotans affected by asbestos-related illnesses and have recovered over $900 million for residents in the state.

How Can We Help?

We provide a complimentary initial consultation for all mesothelioma and personal injury claims. Email us now or call 651-362-2108

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How Does Sieben Alexander P.A.'s Fee Structure Work?

Our initial case consultations are always free, and we work on a contingency-based fee structure. This means you only owe us fees if we win compensation for you.

If you’ve been exposed to asbestos, there is compensation available for medical bills, lost wages, and more. Take action now by getting in touch or calling us at (651) 362-2108. Get legal help for your asbestos exposure today.

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Asbestos Trust Fund FAQs

Getting compensation for your asbestos-related injury can feel complicated, but we’re here to help. Get in touch with us if you don’t see your question answered below.

How Much Money Is Left in Asbestos Trust Funds?

As of May 2025, estimates placed the total amount in asbestos trust funds at $30 billion.

Who Is Eligible To File an Asbestos or Mesothelioma Trust Fund Claim?

You’re eligible to file a mesothelioma trust fund claim if you can show that a company caused asbestos exposure that led to illness. You may also have a claim if a loved one suffered a wrongful death from that company’s asbestos products.

How Much Does It Cost To Hire a Mesothelioma Attorney in Minnesota?

Many mesothelioma attorneys in Minnesota work on a contingency basis, which means they charge you a percentage of the money they collect for you. There are no upfront fees, and you don’t owe them anything if you don’t win.