How much does it cost to set up a personal injury trust?

What is the charge or fee for preparing a personal injury trust?

I charge a fixed fee of £400 plus VAT, that is £480 including VAT.£480 fixed fee for personal injury trust

For this fixed fee I will prepare a bare trust document, coach you through the signature process and once your trustees have opened a bank account, I will give notice of the compensation and trust to benefit agencies. The way I work is set out here.

I prefer to work on a fixed fee as you know where you stand. Ask me about paying the fee from the compensation once the trust is set up.

I have heard of a wide range of fees charged for preparation of personal injury trusts. I think my fee is fair, but if you hear of a fairer one do please let me know.

About Mark Thompson

Personal injury and accident specialist solicitor
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4 Responses to How much does it cost to set up a personal injury trust?

  1. Lawson says:

    Hi i am due compensation of under 6grand for personal injury from a car accident, my husband works low income, in reciept of HB, tax credits, cb and ctc will we lose amy benefits due to compensation payout? We have no savings amd are in debt whicb most of the compensation will be spent on!

    • Mark Thompson says:

      If the household has very little money and the compensation will not take you over £6,000, then you do not need a trust.
      You still need to tell benefit agencies about the compensation.
      How you use the money is important. If expenditure is not considered reasonable for someone receiving benefits, you will be treated as still having that money. This is called notional capital, which can create a problem should your finances ever improve a little. Benefit agencies do not tend to object to paying off loans, but they can be sceptical if the repayment is to a friend or family member.

  2. Alisha bloomer says:

    I have criminal injury compensation payment of 15 000 and I am having 156 taken from my benefits because of this. Can I set up a trust at this point or is it too late.

    • Mark Thompson says:

      You should not be losing benefits because you have received personal injury compensation.
      You can set up a trust now as there is no time limit on when a trust can be established.
      If much time has passed it may be difficult to show what money is compensation and what is not.
      Benefit agencies sometimes believe a trust must be set up within one year of receipt of the compensation. This is a misunderstanding of the rules, but it does sometimes create a problem.

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