Trust funds
Learn about Trust funds
"We can both advise
on Trust funds
and act as Trustees"
Charlotte Dunn, Partner
on Trust funds
and act as Trustees"
Charlotte Dunn, Partner
If you receive compensation for injury and the money just sits in your bank account it's classed as savings. It could be assessed and you might find that you can't claim any benefits or that your benefits are reduced.
So if you receive means tested benefits and you want to ensure you can keep your benefits as well as your compensation award, the solution is a trust fund.
Personal injury trusts aren't just relevant to people in getting means tested benefits, though. There are lots of other reasons why a trust fund might help you:
- peace of mind
- there's always someone else - a trustee - to help you manage your money and invest it wisely
- holding the monies in a trust fund means that they're likely to last longer
We'll guide you through the whole process and advise you on:
- why a personal injury trust fund might be of help to you
- who to choose as your trustees
- the best type of trust fund to suit your needs
- the tax treatment of the trust fund
- how you actually get your compensation into the trust fund
These are all significant decisions to make and we'll help you make the right decisions for you.
Why use Access Legal from Shoosmiths?
- Use the experts! You need specialist advice to ensure your compensation award lasts as long as possible.
- You might be worried about the cost of setting up a personal injury trust. Let us reassure you. We offer fixed prices at competitive rates.
- Setting up a trust fund doesn't have to be time consuming and expensive; our specialist team will work with you to ease you through the process and advise you every step of the way.
- We recognise you have busy lives. We can deal with the entire process by telephone, email or post, whichever suits you best. There's no need for us to meet you face-to-face.
- Quick and reliable - we understand that once you've made the decision to set up a trust fund, you'll want to finalise the process as soon as possible.
- Other services - when you receive a compensation award it's important the monies are invested wisely so that they last as long as possible. We can help you with that by putting you in touch with quality professional partners who can advise you on budgeting, what to invest, and where. They'll help you get the balance right; leave some of the monies so that you can access them easily and invest the rest for your future needs.
- Other services - we can also help with making a Will. It's important that family members and / or friends don't have Wills that leave monies to you outright. Again, we can guide them through the process on what they need to do to re-make their Wills so that your financial position is not worsened if you do inherit any money.
- Other services - having an accident causes us to focus on our financial arrangements. Why not take the opportunity to make a Will, or review an existing Will? You might like to also consider Powers of Attorney.
- What are the disadvantages of setting up a personal injury trust?
- Are there any circumstances in which a personal injury trust cannot be set up?
- What's the best way of deciding how to use my Personal Injury Trust monies?
- Are there any restrictions on what Personal Injury Trust monies can be used for?
- What happens if my trustees incur expenses?
- What powers do trustees have?
- Do I have to appoint a professional trustee?
- What role do my trustees perform?
- Can I be a trustee myself?
- How many trustees should I appoint?
