How Much is My Personal Injury Lawsuit Worth? – Should I be Considering Estate Planning?

After suffering an injury following a car collision, slip-and-fall incident, or any other tortious accident, medical bills can quickly accrue. You’ve spent time off work, and you’re wondering: when will I be able to return to work to cover my medical bills? Negotiations with the at-fault party’s insurer have gone awry, and now you’ve filed a lawsuit. “How much is my personal injury lawsuit worth?” These questions can be overwhelming, adding more stress to an already stressful situation.

Finances are a huge concern as you continue to look for the next action plan after an injury. But you need not suffer alone. You can partner with a personal injury (PI) lawyer who can evaluate your case and determine what your next legal option is. They can also calculate your personal injury settlement and provide an informed estimate of the compensation based on previous similar cases.

While seeking a personal injury lawyer, you should also consider Estate Planning. Life is unpredictable, and you’ve just been in an accident. The last thing you’d need is winning an admirable amount during your PI lawsuit, and then it’s inherited by someone you’d prefer it not to be. Finding an experienced estate planning lawyer is the safe and right route to go to protect your assets and secure a loved one’s future.

Why It’s Challenging to Know the Worth of Your PI Lawsuit Right Away

Personal injury settlements are calculated on a case-by-case basis because no two claims are the same. That’s why you won’t find a standard answer for your PI compensation when you search a phrase like “How much is my personal injury lawsuit worth?”

Without an in-depth review and investigation into your unique case, there’s no way a lawyer can determine your lawsuit settlement. Anyone who can tell exactly that your claim is worth “this specific amount” is definitely misguiding you.

Factors that May Affect the Value of Your Personal Injury Claim

Several factors affect a claimant’s settlement. They include:

  • The severity of the injuries
  • The level of pain and suffering
  • The total household out-of-pocket costs a victim incurs
  • The total medical expenses (such as post-injury treatments and rehabilitative care in the future)
  • Total lost income due to time off work

In other cases, the court may award the victim punitive damages. Nonetheless, these damages are limited to specific circumstances (as we’ll see later in this post).

How a Personal Injury Settlement is Calculated

As in each state, it’s critical to add up the costs associated with your injury to ensure you get the maximum settlement. It also enables you to think about and gather strong evidence that can support your claim.

What Goes Into The Calculation of Personal Injury Settlements?

Two types of damages are generally considered when determining the value of personal injury claims. They include: economic damages (special damages) and non-economic damages (general damages)

Economic Damages

Economic damages are basically the financial losses a claimant suffered in connection to their injuries, such as medical and property damages. These damages are relatively easier to calculate as they simply require adjusters and lawyers to add up the expenses from easily obtainable facts and items like medical bills, records, and payslips. Examples of economic damages factored into a settlement are:

  • Property damages
  • Medical bills (past, current, and future)
  • Lost income and earning capacity
  • Caregiving costs
  • Household expenses (utility bills, home-cleaning services, etc.)

While economic damages are easy to calculate, it’s critical to track those expenses. That’s why it’s important to store your medical bills and receipts carefully.

Non-economic damages (general damages)

Non-economic damages are the non-monetary losses you suffered due to your injury. Because of their subjective nature, it’s difficult to prove them, but it’s recommendable to keep those records.

General damages vary widely from case to case, but the common ones include:

A Personal Injury Lawyer Can Help

Personal injury claims are complex legal cases. Remember, it is always a matter of contention on various aspects of the claim, including the settlement amount you’re entitled to, the multiplier used in calculating your claim’s value, the percentage of liability you hold, etc.

Hiring a personal injury lawyer is critical. An attorney can offer legal counsel and representation to ensure you get a legal remedy that works for you. They also know what to do and say during negotiations with the insurance company. And if the case goes to trial, they understand the litigation process and can gather the strongest evidence to tilt the case in your favor.

This, in turn then, further highlights the importance of why you should consider finalizing your estate plan today before it’s too late and seek a reliable estate planning attorney.

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