Personal Injury Trusts
If you've recently been awarded compensation for a personal injury or clinical negligence claim, it's important you protect your compensation properly.
Protect your compensation
A Personal Injury Trust will help protect your compensation from care fees, divorce or relationship break-ups.
It is also possible for you to keep your compensation whilst in a Personal Injury Trust and claim your means-tested benefits. It may be that you do not currently receive any such benefits however, you may in the future wish to claim.
Your compensation remains ring-fenced so you can use it for the things you need.
Spend your compensation
A Personal Injury Trust works just like a joint bank account, enabling your Trustees (who look after the money) to access the compensation for the things you need.
We set up a Trustee bank account for you and your Trustees to transfer the compensation into. Thereafter you can spend your compensation on the things you need or invest it. You can even buy Property with it – it is entirely up to you and your Trustees.
You do not have to put all your compensation into a Trust but it may be helpful initially while you consider your plans for the long term. You can always wind up the Trust later if you wish, and the Trust is treated like any other bank account when you die, so it can be left to your beneficiaries under your Will.
How we can help?
- We can create a personal injury Trust to ring-fence your compensation.
- We can advise you on the choice of Trustees and act as a professional Trustee for you when necessary
- We can notify your benefits providers and set up a Trustee bank account.
- We can recommend suitable independent financial advisers who are familiar with investments by Trustees
- We provide a fixed fee service and a free initial consultation to work out whether you would benefit from a Personal Injury Trust
To find out more or discuss your individual requirements in further detail, our dedicated Private Client Law solicitors will be delighted to help. Contact us today by calling the main switchboard on 01603 693500 or email us using the 'Make an enquiry' form. Appointments available at our Norwich, North Walsham, Brooke and Sheringham offices.