Potential costs if a loved one passes away in a drunk driving accident

Potential costs if a loved one passes away in a drunk driving accident

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If your loved one is struck by a drunk driver, and they lose their life in the accident, you know that things are going to change forever. Perhaps this person was a spouse who was helping you raise your children and start a family. Perhaps they were the main breadwinner, bringing in the only income for your family.

There’s no doubt that this is a difficult situation, and no amount of financial compensation is fully going to get you through this type of tragedy. It’s very important to have a support system of friends and family who can help you on an emotional level. However, there are a lot of costs that go along with losing a loved one, so it may reduce your stress levels to look into your financial options to cover those costs.

The cost of the funeral

First and foremost, a funeral itself can cost around $7,000. While every ceremony has a slightly different price point, this is an unexpected cost that you may not be prepared for it all, especially if your loved one was young when they passed away. Most people don’t have that type of money just waiting to be used on these costs. You want to pay your respects and give them the ceremony that they deserve, and you don’t want the financial side to hold you back.

The role of wages, both present and future

Additionally, your family may have lost significant wages. This starts with your present wages, in the sense that you are expecting that paycheck every two weeks. You have a mortgage, you have children, you have a lot of bills that need to be paid. Your budget counted on that money coming in, so you need compensation simply to continue to make ends meet. The last thing you want during such a stressful time is to worry about eviction, foreclosure or having to declare bankruptcy.

Beyond that, though, you also want to think about the role of future wages. Say your loved one had 20 years of their career left, and they were making $100,000 a year. You’ve effectively lost two million dollars that your family expected to earn over that time. These losses can be factored into the cost of the accident, as well.

Understanding your options

You can imagine how complicated it can be to seek this compensation, and how important it is. Be sure you understand all of your options to do so.