Answering your questions regarding personal injury settlements
Why do I need to manage my personal injury settlement?
A personal injury settlement, both during the settlement process and after the settlement has been completed, may need managing for a number of reasons, including:
- When to apply for interim payments, how to manage them, and what ongoing costs to claim, plus advice on ultimate recoverability.
- Protecting the right to means-tested state benefits.
- Protecting against being pressured to give money to other people or from using it in the wrong way.
- Being unable to deal with the settlement yourself due to a lack of capacity.
- To ensure that the funds are managed to provide for you for the rest of your life – we appreciate, especially with larger settlements, that this is their primary purpose.
How can Nelsons help in managing my personal injury settlement?
We can help in a number of ways:
We can set up a Personal Injury Trust for you so that you can protect your entitlement to means-tested state benefits and/or protect yourself from being pressured by others. A Trust places the settlement under the control of other people, called Trustees, who use the funds for your benefit.
We can apply to the Court of Protection if you, unfortunately, lack the capacity to deal with the funds yourself. The Court of Protection will then appoint a Deputy to manage the settlement as well as the person’s general financial affairs.
We can manage the settlement for you, whether under a Personal Injury Trust or a Court of Protection Deputyship. The costs of having a professional Deputy are usually paid as part of the settlement.
The settlement is often meant to last for a lifetime and it is very important that the funds are invested appropriately – our in-house Independent Financial Advisers can advise on the full range of investment options and guide you as to which may be most appropriate for you.
How much does it cost to set-up a Personal Injury Trust?
The cost for setting up a Personal Injury Trust, including all advice, is £1,000 plus VAT. There is an additional charge of £500 plus VAT for registration with HM Revenue & Customs.
Annual ongoing fees will depend on the amount of work we carry out. These costs will normally be paid as part of a personal injury settlement.
If our involvement is simply the completion of a tax return, then our fees are typically £600 plus VAT.
Our fees for assisting with opening a bank account range from £500 to £750 plus VAT.
These fees are our standard costs but these charges may be higher if your case is more complex. If this is the case then we will provide you with a quote. However, in most cases, our standard fees will apply.
What do I do if I want to discuss my options?
For more information about our personal injury settlement services, contact us via our online enquiry form or call 0800 024 1976 for a guaranteed response.
"Nelsons Solicitors Limited's 'exceptional service level' and 'strength-in-depth' make it a popular choice for clients seeking inheritance tax advice or assistance with trust administration and a broad range of other asset protection issues.”The Legal 500
"Key strengths and capabilities in my opinion are: – the ability to visit clients at home which reduced anxiety for our family – professionals who are knowledgeable, approachable and respectful – Clear and accurate information regarding the processes involved – Efficient delivery of paperwork, etc."Referee feedback provided to The Legal 500 2024