In this blog, we will discuss how wrongful death settlements are paid out in South Carolina and offer guidance on how to best manage the settlement funds. If your loved one was killed due to the negligence of another party, you have numerous legal options. Due to the complexity of these cases, it is vital to hire an experienced South Carolina wrongful death attorney to assist you due to the complexity of these cases.
In South Carolina, wrongful death settlements are typically paid in a lump sum. The amount of the settlement is negotiated by the attorney representing the deceased’s family and the defendant or their insurance company. The defendant or their insurance company will typically issue a check to the plaintiff or their attorney once a settlement has been reached.
Importantly, settlements for wrongful death are subject to certain expenses and deductions. Examples include:
Attorney’s fees: Typically, the plaintiff’s attorney will take a percentage of the settlement as their fee. This percentage can vary depending on the complexity of the case, but is typically around 33 percent of the settlement amount.
During the litigation process, the plaintiff’s attorney may incur expenses such as filing fees, expert witness fees, and court reporter fees. These costs are eligible for deduction from the settlement amount.
If the deceased incurred medical expenses prior to passing, these costs can be deducted from the settlement amount.
Funeral expenses may be deducted from the settlement amount if the deceased’s family incurred funeral expenses.
After accounting for these costs and deductions, the remaining settlement amount will be paid to the plaintiff or their attorney.
Management of a Wrongful Death Settlement
If you receive a settlement for wrongful death, you must carefully manage the funds. Here are some suggestions for managing a settlement for wrongful death:
Engage a financial advisor: A financial advisor can assist you in managing the settlement funds and making prudent investment choices. They can also help you develop a plan for long-term financial management.
Consider using a portion of the settlement funds to pay off any outstanding debts, such as credit card debt or a mortgage, if you have any such debts. This can provide you with financial stability and lower your levels of stress.
Consider allocating a portion of the settlement funds to an emergency fund. This can help you cover unforeseen costs and give you peace of mind.
Losing a loved one can be a traumatic experience; seek counseling. Counseling or therapy may assist you in coping with your loss and managing your emotions.
In South Carolina, if you have lost a loved one due to the negligence or intentional actions of another party, you may be entitled to a settlement for wrongful death. Typically, these settlements are paid out in one lump sum, after certain expenses and deductions have been deducted. If you receive a settlement for wrongful death, it is important to manage the funds carefully, if necessary with the assistance of a financial advisor. By following these tips for managing a settlement for wrongful death, you can help ensure that the funds provide you with long-term financial stability and peace of mind. If you need assistance in dealing with the death of your spouse, parent, or loved one, please call and schedule a free consultation with our experienced South Carolina wrongful death attorneys today at 888-20-32843.
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