If you or someone you care for has been awarded compensation for a personal injury, clinical negligence or Criminal Injuries Compensation Award (CICA), you may find that you are no longer eligible for certain means tested benefits. To protect your current and future financial situation, you may be able to place your money in a Personal Injury Trust.
It is essential to make a decision quickly as there is a limited window of opportunity to put any settlement into a dedicated trust.
Our specialist team of lawyers can help you create and manage a trust, or set up a trust if one of your children has been awarded compensation for an injury.
Our specialist lawyers can advise you on:
- What benefits you are entitled to or may become entitled to in the future
- Whether a Personal Injury Trust is the right option for you
- Who to appoint as trustees
- The preparation of trust documents
- What information to provide to your bank or building society to set up the trust bank account
- How to run your trust in future to protect your entitlement to benefits
- What documentation to provide to the Benefits Agency and Local Authority to ensure your benefit entitlement is protected
- Tax returns for your trust
- Accounts for your trust
- Appointment of new trustees or removal of existing trustees
If you do not wish to put the money in a trust, you may need to consider your own future and estate planning.
If you are looking after someone who has been given a large sum of money in a personal injury or clinical negligence claim or a CICA and they lack capacity to manage their own affairs, there are some important things to consider. Should they have a new Will for someone who lacks capacity, known as a Statutory Will? Do you need to consider the implications of leaving an inheritance to them – perhaps they would not be able to manage a large sum of money and a trust would be a solution?
We have a specialist team who can help you with all of these issues. You may also need to consider reviewing your own Will, or you may need advice on the best options for funding your relative’s care needs.