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Is a wrongful death settlement enough to aid families for life?

On Behalf of | Dec 5, 2023 | Wrongful Death

Surviving family members endure unimaginable devastation from having a loved one die in an accident caused by someone else. Besides suffering emotional torment, they may also experience significant financial burdens, especially if the deceased was their primary breadwinner.

A wrongful death settlement can compensate for the losses they incurred resulting from their loved one’s passing. However, they may wonder if they can receive a sufficient sum of money to last their lives.

Unfortunately, there are no guarantees that the funds they will receive can support them for life. However, specific factors can help gauge how long a settlement can sustain them.

Factors that can affect how long a payout can last

In Texas, the living spouse, children and parents have the exclusive benefit to recover wrongful death claim damages.

While no fixed formula can precisely determine a payout’s duration, qualified recipients can assess the following elements:

  • Standard of living or the kind of lifestyle they maintain
  • Spending behavior or how they manage their finances
  • Taxation, inflation or other external circumstances

These factors largely hinge on the total amount that surviving parties may receive. Obtaining an estimate may vary depending on specific considerations, such as the deceased’s age, health and income at the time of passing.

Also, the court may calculate medical, funeral and burial expenses. But if the departed was partly to blame for the incident, a reduced amount is also possible.

Reasons to plan for all payout possibilities

No amount can fully compensate for the immeasurable grief that surviving families go through after a loved one’s death. However, preparing how to allocate the funds even if it may not aid them for life can still help them transition or move forward to the next chapter of their lives and peacefully bring the deceased to rest.

Also, it can bring the liable parties to light and make them pay for their negligent actions. But suppose the process becomes technical and contentious when the people involved try to minimize their fault. In that case, family members can develop courses of action with their legal advocate for fair financial relief.