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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 by placing any damages awarded in a compensation trust, also known as a PI trust. This is a legitimate and lawful way by ‘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 trust?
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, such as opening a bank account, investing money and paying for any assistance you need.
One of the trustees can be you, with the other being a family member or a professional, such as a solicitor. We can also act as trustee for you.
Your trust is created 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.
If you’re interested in setting up a personal injury compensation trust or you’d like to speak to a personal injury solicitor about a potential claim, call us on 0117 325 2929 or complete our online enquiry form.