Protect Your Compensation with a Personal Injury Trust
If you’ve suffered serious or life changing injuries in an accident or due to medical negligence, you may be awarded a substantial amount of compensation.
You can use a Personal Injury Trust to protect your compensation and make sure you are still eligible for any state benefits. For more information see Personal Injury Trusts and Means Tested Benefits.
At Simpson Millar, our Personal Injury and Medical Negligence teams secure millions of pounds in compensation for our clients, and our Wills and Trusts Solicitors are on hand to set up Personal Injury Trusts whenever they are needed.
For initial legal advice get in touch with our Wills and Trusts Solicitors.
What is a Personal Injury Trust?
A Personal Injury Trust is a legal way to hold and protect your assets for the future. Your Trust will have a document called a Trust Deed. This basically outlines the rules that are in place for the operation of your Personal Injury Trust.
A Personal Injury Trust will ring-fence your compensation and means this money won’t be taken into consideration when checking your eligibility to claim means tested benefits.
A Personal Injury Trust is a legal document which outlines:
- The amount of money included in the Trust
- The names of the two (or more) Trustees
- The names of the beneficiaries
- Details of how the Trust will be managed
- How the Trust can be ended, if applicable
- What will happen to the Trust when you die
The Personal Injury Trust will mean that your compensation is also protected if you need to be assessed for care home fees or if you get a divorce. After all, the compensation you’ve received is for your future care and needs and so needs to be protected.
When Should I Set Up a Personal Injury Trust?
Ideally, as soon as you can. You can set up a Personal Injury Trust before you’ve received your compensation. If you’re already making a claim with a Personal Injury or Medical Negligence Solicitor, they can probably refer you to a Trusts Solicitor who can help you.
You have 12 months after you receive your compensation before you are reassessed for any means tested benefits so it’s best to use this time to contact a Trusts Solicitor, who can set up your Personal Injury Trust.
If it’s already been a year since you received your compensation, you can still set up a Trust, but you won’t be able to claim back any benefits retrospectively.
How Simpson Millar Can Help You
You will really benefit from putting your compensation into a Personal Injury Trust, so call one of our Wills and Trusts Solicitors today to get the specialist legal advice you need. They will be happy to help you.
For more information see Benefits of a Personal Injury Trust.
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