The money from a wrongful death settlement in Oklahoma goes to the deceased’s estate. Compensation will then be divided amongst the victim’s heirs and beneficiaries according to the settlement terms, the deceased’s will, and state inheritance laws.Â
Seeking a wrongful death settlement is a complex legal process. Your family will benefit from working with an Oklahoma wrongful death attorney who can help you pursue fair compensation and handle its disbursement.
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How Is the Money from an Oklahoma Wrongful Death Settlement Distributed?
If your loved one died because of someone else’s negligent actions, the personal representative or executor named in the decedent’s will can file a wrongful death lawsuit on their behalf and for their heirs and beneficiaries.
Oklahoma law outlines how money from a wrongful death claim should be distributed after a settlement or verdict:
- Medical and burial expenses go to the individual or entity who paid them or to your loved one’s estate if it paid.
- Loss of consortium and grief goes to your loved one’s surviving spouse.
- Your loved one’s pain and suffering goes to their spouse, children, or next of kin in the same proportion as any awarded personal property.
- Monetary damages go to your loved one’s spouse, children, or next of kin according to their degree of loss as determined by a judge.
- Grief and loss of companionship go to your loved one’s children or parents according to their degree of loss as determined by a judge.
- Punitive or exemplary damages, when awarded, go to your loved one’s spouse, children, or next of kin in the same proportion as any awarded personal property.
What Are the Payout Options?
If you secure compensation in a wrongful death suit, you will generally have two options to choose from to receive payment:
- Lump sum: A lump sum is a single payment in which the entire settlement is released at one time. The advantage of a lump sum is that recipients get complete control over the whole settlement amount. The drawback is that large payments can be difficult to manage. Recipients may need help budgeting to avoid mismanaging the money.
- Structured settlement: Structured settlements pay damages over time. This type of payment plan can provide recipients with a steady flow of income and can also earn interest. However, recipients may not have the money they need to pay outstanding bills immediately.
What Damages Might Be Paid in a Wrongful Death Claim?
Wrongful death cases allow surviving family members to pursue compensation for the following damages:
- Medical bills: Medical damages compensate for treatment your loved one received from the time of their fatal accident until their death. In some cases, this may include days, weeks, or months of medical care. You can recover the cost of emergency services, hospital and doctor fees, medical equipment, medications, and palliative care.
- Funeral and burial costs: These damages include reasonable expenses for your loved one’s funeral, memorial, burial, cremation, or other services and final arrangements.
- Lost income: You can recover your loved one’s lost wages and employment benefits from their accident until death. Lost income can also include future financial support your loved one would have provided had they lived.
- Lost services: You can seek compensation for the value of your loved one’s lost household services.
- Pain and suffering: Surviving family members can pursue compensation for their loved one’s conscious pain and suffering. Family members can also seek awards for grief, loss of consortium suffered by a spouse, and loss of companionship suffered by children and parents.
- Punitive damages – In cases of extreme recklessness or intentional harm, the court may award punitive damages to punish the defendant and prevent similar behavior.
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Contact us today for your free & confidential case review. Our team will help you get the compensation that you deserve.
Are the Proceeds from a Wrongful Death Settlement Taxable?
According to Oklahoma law, damages awarded in personal injury or wrongful death claims are not subject to federal or state income tax. However, the Internal Revenue Service (IRS) states that punitive damages may be taxable.
If you have concerns about the potential tax burden of a settlement, an Oklahoma wrongful death lawyer can answer your questions.
What Happens If Relatives Claim They Are Entitled to a Share of the Settlement?
Unfortunately, money can cause family strife. There could be arguments over a wrongful death settlement, or family members may feel entitled to a share. It does not matter if relatives think they should get some money. Distribution of the settlement will happen based on the terms agreed upon by the involved parties. Oklahoma’s inheritance laws and your loved one’s last will and testament will also govern the distribution of compensation recovered by the estate.
Does Oklahoma Place a Time Limit on Filing a Wrongful Death Lawsuit?
Under Oklahoma law, your loved one’s personal representative has two years to file a wrongful death lawsuit. If the time limit expires, the court will likely bar your case.
The deadline will also affect insurance claims. If you cannot agree on a settlement with the insurance company before the statute of limitations runs out, it will significantly reduce your bargaining power.
A wrongful death attorney can do the work needed to build a claim and pursue your losses within the applicable legal window. A lawyer can:
- Investigate the incident that caused your loved one’s death
- Gather case evidence
- Determine liable parties
- Identify and calculate recoverable damages
- Prepare and file insurance claims and legal paperwork according to deadlines
- Handle case-related meetings, phone calls, and emails
- Represent your best interests, stand up to bad-faith insurance tactics, and protect you from undue pressure
- Aggressively negotiate for the maximum compensation possible
- Take your case to civil court and represent you at trial if necessary
- Assist with settlement disbursement
Contact an Oklahoma Wrongful Death Lawyer
If your loved one suffered a fatal injury, you may be entitled to wrongful death compensation. Edwards & Patterson Law can help you pursue the money your family needs to protect your finances and future.
Our Oklahoma personal injury lawyers genuinely care about our clients and their case outcomes. We know that you are grieving a loss, and we want to make resolving your legal issue as easy and stress-free as possible. Contact us online or call today to get started with your free consultation.
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Last updated Friday, December 6th, 2024
