How Are Wrongful Death Settlements Calculated?

The death of a loved one is already difficult to go through, but the process of grieving can be much more harrowing if you also have to worry about the expenses of funerary services and other bills. If a loved one has unfortunately died as a result of another party’s misconduct, one of the legal options a family may have to recover these losses is to begin a wrongful death claim. These are similar legal processes to personal injury cases, but there are specific requirements in Colorado that you must meet. Here’s what you should know about wrongful death claims and how these settlements can be calculated.

Understanding Wrongful Death Claims In Colorado

In Colorado, close family members can file a wrongful death claim. Typically, the spouse, children, and parents will be the first who can file. If these people are not available, other relatives could make a claim.

Filing a wrongful death claim typically starts the same process as that of a personal injury case. Evidence will be gathered, and negotiations will begin with insurance companies. If negotiations are successful, then the family can receive a settlement to cover the losses they suffered.

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Factors That Influence Settlement Amounts

So, how are wrongful death settlements calculated exactly? Certain factors can impact how much you receive. One of these is the economic losses your family sustained because of the death. These losses can include medical expenses, funerary costs, and lost wages.

Additionally, the younger your loved one was at the time of their death, the more earning potential they had. This will usually be considered in the settlement. If your loved one provided unpaid services, like housekeeping or childcare that you will now have to pay for, the settlement must address these losses, too.

More importantly, the pain and suffering that your loved one experienced before dying, as well as the grief and emotional distress that the family is going through, are covered by non-economic damages as well.

Calculation Of Wrongful Death Settlements

There are wrongful death settlement calculators that attorneys, insurers, and courts may use to come up with a fair amount of damages. They generally begin the process by first considering the economic losses, like medical bills and lost wages. That amount will help determine the correct amount of non-economic damages.

To calculate the full settlement, it’s also necessary to look at the deceased’s age and earning potential. If they had decades of work ahead of them, that means a higher settlement.

One method that attorneys and insurance companies use for calculating pain and suffering involves multiplying the total economic losses by a factor of between 1.5 and 5. This will offer the total non-economic damages to pursue or award.

Why Wrongful Death Attorneys Can Help

Hiring experienced wrongful death attorneys can be essential for these claims. Insurance companies will usually do their best to minimize your losses, which can mean ending up with a much smaller settlement. Our attorneys know how to navigate the tactics these companies may use, including offering fast, low-ball settlements. 

Your attorney will also be better able to calculate your full losses. You may not know how much your claim is worth if you don’t have representation, making it more likely that you’ll end up with a fraction of what you deserve.

Steps To Take After A Wrongful Death

After a wrongful death, you’ll need to act quickly to protect your future claim. The process generally starts with you contacting law enforcement to make a report. Make sure to ask about how to get a copy of the report to give to your lawyer.

You should then take steps to gather evidence from the scene where the injuries that led to your loved one’s death occurred. Take pictures and speak with witnesses. Do not, however, speak with insurance adjusters without having a lawyer by your side.

As soon as possible, contact an attorney to begin the claim process. In Colorado, the statute of limitations is usually two years, or three years for accidents involving motor vehicles. However, you should never wait that long. Hiring an attorney immediately after the death increases your chances of obtaining a fair settlement.

Trusting Bachus & Schanker With A Wrongful Death Claim

At Bachus & Schanker, we have dedicated our lives to assisting people who have suffered catastrophic injuries, including traumatic brain injuries, and those who have lost loved ones as a result of another party’s misconduct. Our Elite Litigation Group supports families nationwide as they navigate these difficult legal processes by offering coordination with our Victim’s Advocate team and working closely with expert witnesses to corroborate claims. With our compassionate representation, you and your family can receive the fierce support you deserve.

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