I need a personal injury trust fund.
I am often asked how to set up a personal injury trust fund. The question is asked by people who are settling personal injury compensation claims and are worried they may lose their means tested benefits.
You will be relieved to know you can legitimately keep your benefits and compensation. What you must do is set up a trust to hold the compensation, often called a personal injury trust. The trustees then open a separate bank account, so the compensation is held separate from your personal funds.
A trust is created by a trust deed, a legal document, which states the purpose of the trust and appoints trustees to manage the compensation.
Benefit regulations allow compensation to be held in a trust, it being accepted compensated people have not won the lottery. Compensation has been paid for injury, financial loss and future needs. Provided you keep and use the compensation separate from your personal funds, in a trust, the compensation will be ignored when assessing your finances for benefits or local authority care. This is a generous allowance and should be used by all compensated people who currently claim means tested benefits, or who are likely to claim such benefits in the future. The same applies if you will need local authority care.
To help you decide if you need a trust read more here.
How much a trust will cost and how I can help is explained here.
Pros and cons of setting up a personal injury trust are explained here .
Do not be put off by the terminology. A trust is a device to hold the compensation. You are simply asking trustees to manage the compensation for you. You can be a trustee yourself. A trust for compensation is a positive legitimate arrangement, not a problem. Read more.
For help without obligation please call 0330 223 1708