Protecting your compensation and benefits
Many personal injury claimants receive welfare benefits due to their injuries. However, if these benefits are means-tested they may be affected by any compensation you receive for your injuries.
You can set up a Personal Injury Trust fund for your compensation payment, so that the value of the Trust will be ignored for assessing eligibility to most means-tested benefits and Local Authority support.
The type of Trust used for Personal Injury Trusts may vary according to your needs, family circumstances and the possible involvement of the Court. It might be:
- A Bare Trust
- A Discretionary Trust
- A Life Interest Trust or a hybrid
It is the source of the funds and not the type of Trust that determines whether or not it’s a Personal Injury Trust:
- Terminology can vary – they are sometimes called Special Needs Trusts or Trusts for disabled people
For larger sums, the Courts may insist on a professional Trustee being used or the damages received may have to be managed under the Court of Protection.
Our specialist Personal Injury Trusts Solicitors offer:
- A telephone review to help understand your position
- A written report highlighting issues for you to consider
- Advice on how a Personal Injury Trust can work for you and the best type of Trust to use
- Support in helping you to select the right people to be your Trustees
- Our services as Professional Trustees should you not know anyone else you feel would be willing or able to act
- Access to expert Independent Financial Advisers who are able to advise on investing funds on behalf of Personal Injury Trust’s
- Support in arranging a Trust bank account
- Registration of the Trust with HM Revenue & Customs where needed
- A carefully worded Trust Deed, which is designed to protect against any challenge brought by the benefit agencies.
"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.”Legal 500
Please contact us to discuss how our specialist team can help you set up and manage your personal injury trust.