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Personal Injury Trusts
A personal injury trust is usually set up when you are awarded damages following a claim.
When a large sum of money is awarded it can impact on state benefits that you may be receiving. Some people therefore choose to keep this money in a trust account as this money is not taken into consideration for means tested benefits.
Money held in a Personal Injury Trust can be accessed by “trustees”. Trustees manage the trust and can be you and your spouse or partner, or a parent, but may also be solicitors, especially if the compensation is for a child. The trustees hold the money on trust for the person who benefits from the trust, known as the Beneficiary. If money is needed from the trust, all trustees must agree to its release.
Our team could help with the following:
- Discuss whether a Personal Injury Trust is suitable for you
- Prepare a trust deed
- Draft a deed for the appointment of new trustees or removal of existing trustees
- Act as a Professional Trustee and manage your trust fund.
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