Trusts and Trustees
Personal Injury Trusts
If you receive compensation for a personal injury, it can often cut your means-tested benefits. That may cost you more than you think. Not having benefits can also stop other free services such as free prescriptions.
Even if you do not receive means-tested benefits now you might want to protect your compensation from the growing cost of long-term care.
This can be done by setting up a personal injury trust, which arises when the award is put under the control of certain persons chosen by you called 'trustees'. The trustees must look after the compensation, which becomes the 'trust fund', for the benefit of you while you are alive, and for any other persons you choose. You and the others who can benefit are called the 'beneficiaries'.
This means that your compensation may continue to provide help for longer, making you financially better off.
What can you do with the money in a personal injury trust?
The trustees cannot make payments to you or on your behalf for your normal expenses of daily living, such as, gas, water, electricity, food, mortgage interest, council tax, rents etc as these must be met by any means-tested benefits received.
The trustees can pay for other things that are not met by benefits such as your phone bill, TV costs and the cost of care can be met from the trust. The trust can also pay for a place to live, a new car, a holiday and much more if you take our simple step-by-step advice.
For more information about Personal Injury Trusts please contact Ruth Dolan.
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