Personal Injury Trust Funds
After an accident, most of us simply want to put the past behind us and move on with our lives. But a serious injury can have a tremendous impact on your life, especially if the severity of it is such that you’re unable to return to work.
In this situation you may find that you’re reliant on means-tested benefits – either in the short-term or permanently – in order to fund your day-to-day living costs.
If this is the case and you’re also making a personal injury claim, you need to think about protecting your benefits entitlement. You can do this by placing any awarded damages in a compensation trust, also known as a personal injury trust. A personal injury trust fund is a legitimate and lawful way of ‘ring-fencing’ your compensation so that it’s not classed as income.
You can set up a compensation trust within a year of receiving your compensation. However, we recommend that you set it up early, ready for final damages or any interim payments.
How do I set up a personal injury trust fund?
To set up a compensation trust, you’ll need to appoint trustees. Trustees are responsible for managing the trust and carrying out fairly routine tasks on your behalf. This can include opening a bank account, investing money and paying for any assistance you need.
You can be one trustee, with the other being a family member or a professional, such as a solicitor. Our personal injury solicitors can act as a trustee for you.
You create your personal injury trust fund by signing a ‘trust deed’, which you and your co trustee(s) sign. We’ll store the original version for you and send you certified copies.
Contact our personal injury solicitors in Bristol and South Gloucestershire
If you’re interested in setting up a personal injury compensation trust or you’d like to speak to a member of our team about a potential claim, call us on 0117 325 2929 or complete our online enquiry form.