Personal Injury Trust

Is a personal injury trust taxed?

This information is written for those with bare trusts which hold personal injurycompensation. There are other types of trust for personal injury compensation,which are taxed differently. This solicitor practice only writes bare trusts, so wewill stick to those...

Your personal injury trust trumps the bank account

The bank tell me my trustees can have debit cards. More than one personal injury trust client has raised this with me. The bank can tell you how you can operate a bank account, BUT the bank cannot tell you how to operate your trust and keep your benefits. Many people...

Is a personal injury trust complicated?

A personal injury trust is no more than an arrangement which holds your compensation separate from your personal funds. Benefits are based on your personal money, the trust keeping the compensation to one side, ignored in the financial assessment for benefits. Once...

Must I register a personal injury trust with HMRC?

Registration of personal injury trusts with HMRC is not necessary, in most cases. This is certainly the case with a bare trust for personal injury compensation. Most trusts must be registered with HMRC, to satisfy money laundering regulations. “Trusts arising from...

Personal injury trust bank account

How do I open a personal injury trust bank account, or, I need to open a personal injury trust bank account, is what callers often say to me. To protect your benefits if you receive personal injury compensation, you actually need two things. First you need to create a...

Can I access my personal injury trust bank account?

This is the question most often asked by those setting up a personal injury trust. The answer is, you must NOT have personal access the trust fund. Do not worry, I will explain. The whole point of a personal injury trust is to keep the compensation separate from your...

How to set up and operate a trust bank account

Personal injury trust bank account use This page is to help you set up and operate a joint current bank account for the trustees of a personal injury trust. It is along similar lines to the information provided to clients of Mark Thompson Law for the creation of a...

Personal injury trust fund to protect means tested benefits

Do I need a personal injury trust fund? Will I lose my benefits when personal injury compensation is received? This question is asked by people settling personal injury compensation claims, worried they may lose their means tested benefits. You will be relieved to...

Personal injury trust for Northern Ireland

Personal injury trust for those with personal injury compensation in Northern Ireland Those living in Northern Ireland can set up a trust for personal injury compensation. I can prepare the trust for you. All information on this website applies to those in Northern...

What is the cost of a personal injury trust?

What does it cost to set up a personal injury trust? I charge a fixed fee of £400 plus VAT, that is £480 in total. This price is current as at September 2023. I will prepare a bare trust document, called a trust deed. I will coach you and the trustees through the...

Personal injury trusts and how I will help you

Personal injury trusts – how I can help My aim is to help you decide if a personal injury trust is right for you. I deal with most clients by telephone, email and letter and a meeting is rarely necessary. I will: Help you decide if a trust for your compensation is...

Personal injury trust

Keep your compensation and benefits with a personal injury trust. Personal injury trust - special needs trust - compensation protection trust. These are all names used for a trust to hold personal injury compensation and protect your eligibility for means tested...

If I do not claim benefits do I need a personal injury trust?

I remember a call from a lady who had just received a cheque for £20,000 compensation from a personal injury claim. Neither she nor anyone in her family were claiming means-tested benefits; but she intended to save the money for the future. Her compensation solicitors...

Do I need a personal injury trust?

Do I need a personal injury trust to protect my compensation and benefits A personal injury trust is the only legitimate way to hold and use compensation and still receive means tested benefits. Such a trust is an opportunity to keep and use your compensation and...

How to set up a personal injury trust

Setting up a personal injury trust does not have to be complicated or expensive. I offer a fixed fee of £480 including VAT. A personal injury trust is a legitimate device which holds personal injury compensation. Benefit regulations allow personal injury compensation...

What are the pros and cons of a personal injury trust?

To help you make your decision, I have set out the pros and cons of setting up a personal injury trust. For this comparison I will deal only with a bare trust. Pros: Compensation ignored when assessing your entitlement to means-tested benefits. Compensation ignored...

Compensation protection trust

Compensation protection trust Compensation protection trust is one of the names given to a trust designed to ensure that personal injury compensation is not taken into account if you claim means-tested benefits or need local authority support for residential care. The...

52 weeks to create a personal injury trust?

Is there a time limit of 52 weeks for setting up a personal injury trust? There is no time limit within which a trust to protect compensation must be set up. The best approach is to set up a trust to protect your compensation as soon as you receive the compensation....

Why aren’t there more personal injury trusts?

You can see from the questions I am asked, there is a shortage of clear advice about compensation protection trusts, or personal injury trusts, as they are better known. The banks and building societies often lack experience of opening accounts for trustees. This...

Who must I tell about my  personal injury trust?

Who must I tell about my personal injury trust?

If you receive compensation for personal injury, you must inform the agencies handling your claim for means-tested benefits. It is the change in your financial circumstances which makes notice necessary. If I prepare a trust for you, I will inform the benefit agencies...

Which payments can be protected by a personal injury trust?

A personal injury trust can protect most payments made in consequence of a personal injury The regulations which govern entitlement to means-tested benefits tell us what sums are taken into account and which are ignored. Among those ignored are “any payment made to...

Personal injury trusts and working tax credits

When you apply for most state benefits,  a means tests will look at your capital and income. Working tax credits is not a means-tested benefit. It is an adjustment to your earnings based on your income alone. It is only income from savings which affect tax...

Which bank account is best for a personal injury trust?

To create a personal injury trust for compensation, you first need a trust deed. This is a legal document which creates the trust and appoints your trustees. Once your trust document is complete, the next step is for the trustees to open a separate bank or building...

Personal injury trust and the cost of long term care

A personal injury trust can be a very good idea even if you are not receiving State means-tested benefits or local authority care. You must consider your situation today,  your situation in the future, and do exactly the same for those you claim benefits with. A...

Protect your compensation

Receiving interim or final compensation payment?

You may need a trust to protect benefits and local authority care.

My contact details

mark@markthompsonlaw.com

01392 314086 (landline rate)

07785 342483 (mobile rate)

M-F: 9am-5pm, S-S: Closed

Get in touch