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

  1. Robert Moston says:

    Hi i have been told by my solicitor that i need to set up a Trust due to a medical negligence clam as my clam is due to come to a end i am on benefits, how do i go about doing this, and who can be the trustees, can it be my son who is in the army and my son in law who is in the army as well or does it have to be financial advisor or some one like this, when do you have to pay, What is the charge or fee for preparing when do you have to pay for this. hope you can help thank you

    • Mark Thompson says:

      There is no set list as to who may be a trustee, save a trustee must be at least 18 years of age. The most important points are that you trust the person and they will work with you as to investment and expenditure of the compensation.
      The way I work is explained here.
      I charge a fixed fee of £480 which includes VAT and you can pay me from the compensation.

  2. Dear Mr Thompson

    My wife is due a compensation payout for a personal injury claim. The amount she will receive is 15.000.00. we are on benefits. Please advice on setting up a PI Trust.
    King Regards
    FA Once.

    • Mark Thompson says:

      With that amount of compensation you need a trust, as it will almost wipe out your benefits.
      A good starting point which sets out the points you must consider can be found on this website.

  3. Kris Westerman says:

    I came across Marks website via a google search for solicitors that do trusts for personal injuries.
    Suffice to say it was the best google search I ever had.
    After reading his articles I contacted Mark as I was due to receive a final settlement shortly and needed a trust setting up as I am in receipt of benefits and did not want any monies to be taken into consideration as capital and thereby making me ineligble for benefits as compensation is meant to put you in the position you would have been in but for the accident.

    Mark asked me for various information about the accident and how much the settlement would be. He needed various documents to verify myself and trustees. All this was done by email which was brilliant for me as I do not like using the phone and do not cope well with stress. Mark has made this all so stress free and simple to achieve. It has been brilliant to come across a consumate professional who has made everything easy to achieve and not made me feel stupid or inadequate in any way. I only wish I had come across him sooner when I needed a professional to fight my case. I only settled as it was seven years and ongoing and I was destitute and could not carry on any longer.

    I cannot reccommend him enough.
    If you need a personal injury trust setting up HE IS the man.

  4. 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.

  5. 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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