Personal Injury Trusts
Providing for your future
What is involved?
Following an accident, you may be claiming means-tested benefits to cover your day-to-day expenses. Means-tested benefits can include income support, income-related earning and support allowance, housing benefit and council tax support. Non-means tested benefits include severe disablement allowance, disability living allowance, statutory sick pay, child benefit or incapacity benefit.
If you are expecting several periodical payments, or if your final award will not be paid for some time, you can enter into a personal injury trust immediately after your first payment is received. Putting your damages award into a trust means that it is held in the names of trustees, rather than in your own name.
There are no restrictions on what the income or capital of the trust can be used for, as long as they do not bring your capital above the minimum level of £6,000. However, you will need to let the DWP know.
Why choose Freeths?
- We can offer you a FREE initial half hour meeting to discuss your needs and concerns
- You can ask our personal injury lawyers to visit you at home if this is more appropriate
- Our dedicated teams for Personal Injury and Trusts ensure that you have the best advice
- You can rely on our lawyers to explain everything clearly and to be upfront about costs
- As a team, we rank highly in the Chambers and Legal 500 independent legal directories
As well as advising and helping you set up a trust, our dedicated team can help you to inform the Department for Work and Pensions of your change in circumstances, once you’ve had your first payment. We also have a detailed guide about what to consider – please get in touch if you would like a copy.
The type of trust most commonly used is called a bare trust – a simple form of trust where you are the only beneficiary and the trustees hold money on your behalf.
However, a more complex form of trust may be more suitable to your personal situation. Our team can help you to decide which trust is best for you. We can take your instructions on the trust, draft a bare trust and arrange a transfer of funds to a trustee bank account. If more complex trust arrangement, we can advise on how to do this and the costs involved.
Call our friendly Personal Injury lawyers to find out more about Personal Injury Trusts.
Our Personal Injury Trusts Legal Team
‘Doing the right thing’ is at the heart of Freeths. Find out more about our excellent client service and the strong set of values that guide the way we work.
Talk to us
Freeths are a leading national law firm with 13 offices across the UK. If you have a query about our services or just want to find out more, why not give us a call?
Contact: 03301 001 014