Personal Injury Settlements

What is a personal injury settlement?

A personal injury settlement is an agreement reached between an injured party and the party responsible for the injury (or their insurance company). This agreement typically involves financial compensation to cover damages such as:

• Medical expenses
• Lost wages
• Pain and suffering
• Rehabilitation costs
• Future care needs

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 several 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 several ways:

1. Personal Injury Trusts

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.

2. Court of Protection Deputyship

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.

3. Professional Trusteeship/Deputyship

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.

4. Wealth Management

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 of setting up a Personal Injury Trust, including all advice, is £1,200 plus VAT. There is an additional charge of £600 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.

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.