What Is A Personal Injury Trust?
We can help you choose the right type of trust for you and your circumstances. We recommend you consider setting up a trust, whatever award size you receive. Here are just a few of the other areas our Wills, Trusts, & Probate services cover:
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The Benefits Of A Personal Injury Trust
Personal Injury Trusts can be useful tools for sheltering damages awards against various threats, including attacks from unscrupulous individuals who may seek to prey on vulnerable individuals for their own gain.
A Personal Injury Trust can also safeguard current and future entitlement to means-tested benefits. Even if you are not entitled to means-tested benefits now, should your circumstances change, you may become entitled to means-tested benefits in the future, e.g. assistance with the cost of care.
If you have not set up your trust when you receive your damages, you may lose the chance to safeguard your money.
If you are already receiving means-tested benefits, a Personal Injury Trust should be set up before you receive any part of your award of compensation.
A Personal Injury Trust offers a variety of benefits to the recipient of the compensation award, both now and in the future. We will advise you whether a Personal Injury Trust suits you and, if so, what type. We aim to tailor the whole process to your needs and be as straightforward as possible.
How Does A Personal Injury Trust Work?
A Personal Injury Trust can be used for all types of compensation claims, such as compensation received from an accident, industrial disease, or medical negligence claim.
When the trust is set up, you appoint at least two trustees to administer it on your behalf, and the trust assets are held in their names.
You can appoint trustees with expertise in handling compensation awards to assist, take some of the burden off your shoulders, and give you confidence that your compensation award is being used appropriately.
A Personal Injury Trust offers a variety of benefits to the recipient of the compensation award, both now and in the future.
We can advise you on whether a personal injury trust is suitable for you, tailoring the process to your needs and keeping everything as straightforward as possible.
For example, when you want to remove money from the trust, your trustees must give their consent.
This rarely causes difficulties as you will have decided who the trustees should be when you initially set up the trust.
You can also be given the power to remove trustees and appoint new trustees while the trust is ongoing.
The Most Popular Questions For Personal Injury Trusts
How does a Personal Injury Trust work?
A Personal Injury Trust is a mechanism that allows any award of compensation for a personal injury to be protected from effecting means-tested benefits or local authority assessments for care.
Any damages placed in a trust should be placed in a specially created trust bank or building society account and kept separate from your day-to-day finances.
A Personal Injury Trust is recognised as a legitimate solution for protecting your personal injury award and is not a ‘loophole’.
What type of trust is a Personal Injury Trust?
A Personal Injury Trust usually takes the form of either a bare trust or a discretionary trust. The preferred choice of trust will heavily depend on the individual client’s circumstances.
Does personal injury compensation affect benefits?
A personal injury trust can protect your means-tested benefits from being affected provided that certain formalities are followed when creating the trust.
Even if a beneficiary of personal injury compensation is not in receipt of means-tested benefits at that time, they may be at some point in the future. A personal injury trust can also protect the compensation payment from being considered for local authority care assessments or from being taken advantage of by a vulnerable person.
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Get In Touch To Discuss A Personal Injury Trust
If you are looking to start a Personal Injury Trust, need help managing a pre-existing trust, or simply need further information on how these trusts work, we can help.
Contact us today using one of the branch numbers provided, and we will be happy to assist you with all your Personal Injury Trust needs.
Contact us today or visit a local branch
Hanley:
01782 262031
Newcastle:
01782 612311
Sandbach:
01270 761111
Leek:
01538 399332