How Are Wrongful Death Settlements Determined?

The last thing on your mind after the death of a loved one is the value of wrongful death settlements. Unfortunately, if you don’t take the time to learn how these settlements are determined, there is a good chance that your compensation could fall short of what you and your family need.

As difficult as it may be, you have to protect your financial future. One important step is to understand how insurance companies and lawyers calculate these claims. Another is to speak to an experienced wrongful death lawyer about the potential value of your wrongful death case.

Economic Damages

Calculating economic damages for minor personal injury claims is usually pretty simple. The same can’t be said for wrongful death settlements.

Economic damages are based on actual losses or expenses. If you were filing a personal injury claim, you might produce receipts for all of your medical bills, as well as pay stubs or tax returns to demonstrate your lost income.

This step is more difficult in a wrongful death case because many of your losses have not yet happened. For example, how can you calculate how much your loved one would have earned over the years, had they lived? Experienced lawyers know how to estimate these values accurately and fairly.

Non-Economic Damages

Non-economic damages are a type of compensation you receive for your emotional pain and suffering. Losing a child, parent, or spouse is devastating. While there is no way to determine the exact financial value of this loss, attorneys use an established formula to determine reasonable compensation for your pain.

Relationship to the Deceased

One factor that determines the value of your claim is your relationship to the deceased. A parent who loses a minor child, for example, is typically considered to have suffered a much greater loss than an adult child who loses a parent.

Your relationship to the deceased also factors into economic damages. If you are a minor child who loses a parent, it can be assumed that you would have received significant financial support from that parent had they survived. The same is true for a nonworking spouse. However, if you lost your sibling, you probably won’t be eligible for much or any compensation for lost earnings.

Age, Health, and Earning Potential of the Deceased

Another important factor in determining the value of wrongful death settlements is the age, health, and earning potential of the deceased.

If your loved one was elderly, it is likely that they were already retired and may have died of natural causes in the near future. While your wrongful death claim must acknowledge your loving bond with your relative, it must also recognize the briefness of their remaining years and their low earning potential.

Conversely, if the deceased was in their 20s and had already begun a well-paying career, their earning potential might be in the millions. Similarly, because they died unexpectedly in the prime of their life, your emotional suffering is probably significant and will last for decades.

Liability and Strength of Evidence

Before an insurance company will pay compensation, you must prove that your loved one died due to the negligence of the insurer’s client. The more evidence you have that proves the other party was responsible, the more likely the insurance company is to fully compensate you for your loss.

Comparative Fault in Ohio

What do you do when the evidence suggests that your loved one was partially responsible for their own death?

Ohio law addresses this possibility. Under the contributory fault rules used within the state, as long as your loved one was 50% or less responsible for their death, you can get partial compensation. Any award you receive in this situation is prorated based on how much each party was liable for the death.

Role of the Court and Probate Process

Even if you qualify for compensation under wrongful death laws, you may not be able to file a lawsuit. Under Ohio law, only the personal representative of the deceased’s estate can file a wrongful death lawsuit. Any awards from this lawsuit are then distributed as appropriate.

Typically, the personal representative is named in the deceased’s will. If the will doesn’t designate someone or if there is no will, a court will name someone to be the personal representative.

FAQ

What Can I Do if I Disagree With the Value of a Settlement Offer?

If you are the personal representative of the estate, you can file a lawsuit to try to force an insurance company to pay a greater amount. Talk to a lawyer to discuss a potential lawsuit or other legal options.

Can I Petition the Courts for a New Personal Representative?

If you believe that the personal representative is not representing the interests of the estate or its heirs, you can petition the court to have a new one assigned.

How Does a Lawyer or Insurance Company Calculate Earning Potential?

Typically, lawyers or insurance companies consider the current salary of the deceased and assume that they would have worked in that or a similar job until a reasonable retirement age. They will also take into account the likelihood of getting raises over the years.

Lawyers and insurance companies have a lot of data that they can call on to determine, with reasonable accuracy, approximately how much a person would have made based on their age, current profession, and education level.

Contact a Lawyer for Wrongful Death in Cincinnati Today

Did you lose a loved one due to the negligent actions of another party? You may be eligible to get compensation for your loss. Contact The Moore Law Firm to schedule a free consultation and discuss your legal options.