Net Loss Accumulation Is An Important Factor Of Wrongful Death
Living the “great American dream” has never been easy for many Americans, as it involves a lot of hard work and being smart with money to create the kind of financial safety net that assures a future for a family. However, these carefully laid plans can be completely derailed when tragedy, such as the death of one of the salary earners, occurs.
There are some instances where this death is the direct fault of another, most commonly through negligence or an act of carelessness. Drunk driving, for example, is a possible cause of someone else’s death through another person’s careless actions. In cases where someone else’s actions result in a loss of life, this is known in legal terms as “wrongful death,” and the survivors of the deceased may be entitled to financial compensation.
That compensation is arrived at by considering many factors, one of which is “net loss accumulation.” But what is this?
When financial damages are calculated in a wrongful death lawsuit, it’s not just the current worth of a person that is included in the estimates but the potential future worth as well. So, for example, a person that was a major breadwinner for a family and then passed away is not calculated solely on how much of that person’s monthly salary was lost for that month alone, but how much of that salary would have been earned for a period into the future, had the person lived and continued to work.
In the same way, the current savings that a person has isn’t the only part of the financial calculations. The savings a person would have continued to make into the future is another part of the equation. These potential future savings are referred to as “net loss accumulation.” This is just one more financial component of the Florida Wrongful Death Act.
Qualifying The Loss
For the survivors of the deceased to qualify for net loss accumulation, certain conditions must be in effect. These are:
The victim of a wrongful death must be survived by immediate family members, such as a legally recognized spouse and/or children. However, lineal descendants, like siblings, may also qualify for this, especially if they are also dependents.
If parents survive the deceased, the deceased must be at least 25 years of age to calculate net loss accumulation. Anything younger than this, such as minors, falls under different considerations and calculations for potentially lost savings or income. It’s also important that no lost support or services are recoverable, according to the Florida Wrongful Death Act.
Get The Help You Need
Wrongful death is most often considered a case of civil law, though in some cases, criminal charges may also be present, such as in instances where drunk driving is involved, and the drunk driving act itself is a criminal activity. However, wrongful death is a complex and difficult process. If your family has suffered a wrongful death, it’s always best to bring in legal experts to ensure accountability is upheld and those responsible bear the burden of what they have done.