If you have or are about to receive compensation following a personal injury claim, you may want to consider protecting your compensation by placing it into Personal Injury Trusts.
An award of compensation can affect your eligibility for means-tested state benefits and can also lead to other passport benefits being stopped; it could also affect your partner if they too receive means-tested benefits.
Even if you do not receive means-tested benefits now, a Personal Injury Trust can be of great value to you and your family if in the future you should require long term care.
The benefit of holding the compensation within the Trust is that it will be protected and cannot be taken into account in any financial assessments when calculating entitlement to either means-tested benefits or care.
The Trust is created when you sign a Trust Deed and you will need to appoint Trustees. The Trustees can be anyone over the age of 18 whom you trust to help look after your compensation and who are reliable and good with money. You can also choose to be a Trustee yourself or consider the appointment of a Professional Trustee.
Once the compensation is within the Trust you will be able, with the assistance of your Trustees, to utilise those funds in a way which is appropriate for your own particular circumstances e.g. a place to live, a holiday or the purchase of a new car.
Our expert team will be happy to provide you with some further advice regarding Personal Injury Trusts relevant to your own specific circumstances.