People often don’t realise that if you have been awarded compensation from a personal injury claim or from your insurers directly, you must also consider whether you need to protect your compensation.
If you or your partner are in receipt of a means tested benefits such as Jobseekers Allowance, Housing Benefit, Council Tax Benefit, Income Support or Universal Credit, you may not be eligible for those benefits once you receive your compensation. The way to protect both your compensation and yours or your partners eligibility to means tested benefits is to consider a personal injury trust.
We will assess your situation and consider whether you require a personal injury trust. We will recommend the type of trust that suits your needs, help you to choose your trustees and we will prepare the trust document and provide guidance to your trustees as required.
Should you not have any suitable persons to act as your Trustees, we offer a Professional Trustee Service.
Crucially, any damages held in a trust will be disregarded when assessing your means tested benefits. As a result, you quite rightly have access to your full personal injury compensation and your means tested benefits.
You should also consider making a Will. Your personal injury trust will come to an end at the time of your death, forming as part of your estate.