There are two standard options for paying out wrongful death settlements. The first option is a lump sum settlement where the entire amount recovered is paid out in a one-time payment. The second method is a structured settlement where payments are made regularly over time for a set period.
When negotiating a settlement, it is important to choose the option that makes the most sense for your situation. An experienced Florida wrongful death lawyer can explain how both options work so you can make a decision that best meets your and your family’s needs.
Choosing How to Receive Payment in a Wrongful Death Claim
The way in which a wrongful death claim is paid out can greatly impact the financial future of you and your loved ones. It is critical to understand the different ways in which these two types of payments can affect your financial situation.
Lump Sum Payment
When a lump sum payment is made following a wrongful death, the beneficiaries of the deceased’s estate will have access to the full amount recovered immediately. Receiving a lump sum payment can be important if you are faced with significant costs that need to be addressed.
For example, if your loved one was hospitalized and incurred substantial medical bills before their passing, a lump sum payment can help you pay for their medical care and relieve immediate financial pressure.
Structured Settlement
With a structured settlement, beneficiaries receive regular payments over a set time period. The regularity of payments can vary depending on the agreement between the parties, but they are commonly made annually, bi-annually, quarterly, or monthly.
When not faced with a significant immediate cost but instead dealing more with the issue of the deceased’s lost income, this can be a better option as it provides a steady stream of income. Additionally, receiving money through a structured settlement can also provide tax benefits.
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Who Is Eligible to Collect Compensation in a Wrongful Death Claim?
When pursuing a wrongful death claim in Florida, only the personal representative of the deceased is allowed to file a wrongful death lawsuit. However, many family members may be eligible to collect compensation.
When filing, the personal representative of the deceased must identify every survivor entitled to seek compensatory damages. In Florida, individuals recognized as beneficiaries in a wrongful death case include the deceased’s:
- Spouse
- Children
- Parents
- Dependent family members
- Children of unmarried parents
Spouse
If the deceased was married at the time of death, the surviving spouse may claim compensation for lost income, as well as for any financial burdens arising from the death, such as increased childcare needs.
Additionally, the surviving spouse is entitled to seek damages for the loss of companionship and the emotional distress associated with the sudden loss of their partner.
Children
Minor children of the deceased can seek damages to compensate for the loss of guidance, protection, and emotional support that their parent provided.
Parents
If the victim was a minor, the parents may recover damages for the loss of their relationship with their child and the care and comfort the child would have provided in the future. They may also pursue compensation for the emotional anguish stemming from their child’s death.
Dependent Family Members
Relatives by blood or legal adoption who depended on the deceased for financial support may also seek compensation in the aftermath of a wrongful death.
Children of Unmarried Parents
The process for recovering damages can be more complex for children of unmarried parents. Florida law allows children to seek damages when their mother dies in all circumstances.
However, claims following the death of an unmarried father are contingent upon him having legally acknowledged the child and being obligated to provide support.
Damages That May Be Paid Out in a Wrongful Death Claim
The loss of a loved one can result in significant financial costs as well as having a substantial emotional impact on surviving family members. Recovering compensation for these losses can be critical to rebuilding your life. There are a variety of compensatory damages that may be available, depending on the specifics of your situation.
Economic Damages
The economic damages available after a wrongful death can be varied. These damages are used to cover the financial costs resulting from the loss of a loved one. In a wrongful death claim, funeral and burial expenses are commonly available to cover all costs directly associated with the death of your loved one.
Additionally, you will likely be able to recover compensation for the lost income the deceased would have continued to earn, as well as receive money for any medical bills incurred prior to your loved one’s death.
Non-Economic Damages
There will likely also be non-economic damages available. These damages are meant to compensate for the emotional toll created by the death of a loved one. You will likely be able to pursue compensation for the loss of consortium and companionship that would have been provided by the deceased.
Furthermore, you can pursue pain and suffering damages for the mental anguish and emotional distress resulting from your loved one’s passing.
Punitive Damages
In addition to compensatory damages, you may also be able to pursue punitive damages if the death of your loved one was intentional or the result of criminal negligence.
Get Help From an Experienced Wrongful Death Lawyer Today
Deciding how you want your wrongful death settlement to be paid out can be critical to ensuring your financial well-being. An experienced wrongful death lawyer can help you review your options so you can make an informed decision.
At The Schiller Kessler Group, we have over three decades of experience helping people with their wrongful death claims.
Contact us by completing our online contact form or giving us a call and setting up your free consultation with a member of our legal team today.
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