In general, a wrongful death settlement doesn’t hold a set amount because it’s based on various factors. This is solely because no two wrongful death cases are alike, and settlement amounts will vary due to whether it goes to court or not.
However, you are able to calculate your settlement for a wrongful death case. In this article, we will go over how to calculate cases such as this, take a closer look at the factors that could affect this amount, and also explain more about the steps you should take if you wish to bring your case to court.
How to Calculate a Wrongful Death Settlement Amount?
During a hard time, it’s normal to not want to think about money or future losses. And we understand that no amount of money can ever bring a loved one back. But, it’s important to still file a claim and get compensated for your future.
Calculating losses in a wrongful death settlement will include the following:
- Looking into all economic losses within a case. Economic losses are the things that were lost that have a monetary value attached to them. Sometimes, these losses are called compensatory damages.
- Looking at all non-economic losses that you have sustained due to wrongful death. Again, these losses will be the opposite of those above and will deal with things you have lost with no monetary value attached to them.
Once you have calculated all your losses due to wrongful death, you will be able to determine a fair amount of compensation. Once this has been established, our team of professional and experienced attorneys will speak with insurance companies and win you the proper amount of compensation. By collecting evidence for liability, and the final calculation of losses, we can ensure that you are being fairly and genuinely compensated.
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Factors that Impact Wrongful Death Settlement Amounts
When it comes time to determine the settlement amount for wrongful death cases, there are numerous damages that will affect the amount you are awarded. There are two categories of factors that need to be considered.
The first category we will talk about is economic factors. These factors will all have a monetary value attached to them. The economic factors that are considered in this category include:
- The age of the individual who has passed away due to someone else’s negligence: If this accident has caused death to a child, then the settlement amount will be high because of all the years that losses can be accounted for. Whereas, if the victim was older, there may not be as many losses in future years.
- All funeral or burial expenses: Of course, there are countless losses that must be calculated when it comes to funeral costs. Sometimes, the aftermath of wrongful death cases can be high and will play into a settlement amount.
- The number of dependents the deceased has: If the victim supported other family members, the case will need further evaluation for additional losses.
- Loss of financial support: For instance, let’s say the deceased was the sole income earner. Those that receive support and the amount they receive will be taken into account when a settlement amount is determined.
- Medical expenses accrued before wrongful death: If the victim had experienced any pain and suffering before they passed, this will be considered.
The second category that will be looked at includes all non-economic factors. These factors are all losses that have been established with no set monetary value. Some of the non-economic factors that will be looked at include the following:
- The cause of death: Your settlement amount will vary based on the cause of death. For example, if the victim’s death was long and painful, then you will receive a higher settlement amount. And vice versa, if the victim’s death was quick and painless.
- Loss of companionship: If this wrongful death has affected companionship or a relationship, then the settlement amount could increase. Additionally, settlement amounts will only be awarded to a spouse or children, so the stronger the relationship that is had with the deceased will be important.
Of course, all the factors listed above are not always the only ones considered. The factors we have given and discussed above are the general things that are looked at. This is why it’s important for those seeking compensation for a wrongful death case to speak with a skilled attorney at Zanes Law for assistance and support.
Should You Settle Your Case or Take It to Trial?
This is an important question that is commonly asked in situations where wrongful death occurs. And, as expected, the answer to this question will solely depend on the specifics of your case. Insurance companies will always try to settle a case outside of court for less than its worth.
However, with the help of an experienced attorney, your settlement amount could be settled for higher outside of court. If this can’t be done, then sometimes taking your claim to trial may be beneficial for the final amount you are awarded.
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Speak with Our Skilled Team of Attorneys to Calculate Your Settlement Today
After you have experienced the death or loss of a loved one, it’s hard to know what to do. We understand you are feeling upset, angry, confused, and depressed. This is why we want to support you and ensure that you are looked after.
If you have questions about your wrongful death case, contact us today. From our first call, we will speak with you about your options and look into your claim. We are only a phone call away and are ready to support you through this difficult and unfortunate time.
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