Personal injury trusts and deputyships are an important part of supporting personal injury claimants. We have a team dedicated to providing such personal injury support.
Our size means that we can deliver a very personal but efficient service. Each client and their circumstances are well known to a number of team members.
Personal Injury Trusts
Following the receipt of a compensation award, whether it be an interim or a final award, we can advise on setting up a personal injury trust for the following reasons:
- the compensation award and the income from this trust are not assessed when claiming means tested benefits and care costs;
- the existence of the trust provides protection from third party financial pressure.
Where an individual lacks capacity we can provide a professional deputyship service to administer the individual’s compensation award and their financial affairs generally. This covers all aspects of the individual\'s finances to include:
- assisting with budgeting;
- assisting with all aspects of adapting a property, to include locating an appropriate architect/project manager;
- organising case managers.
We provide the following services for personal injury trusts/deputyships
- advising and creating trusts for adults both with and without mental capacity, together with seeking High Court approval for trusts for children;
- where our corporate trustee, New Quadrant Trust Corporation Limited, is appointed as a trustee we provide professional guidance and support to assist in protecting and managing the award;
- assisting with the additional paperwork associated with the investments and tax;
- arranging for the award to be invested to ensure that there are sufficient funds available for current and future needs;
- assisting with the appointment of investment managers, so that you may consider who you would like to invest your money, and monitoring the performance of the portfolio;
- where an interim award of damages is made we can provide a witness statement to be used in the claim regarding the ongoing administration costs of the trust.
Personal injury asset advisory and compliance service
After a claim has been ongoing for a number of years and an award received it is essential to manage the award so that it continues to provide you with the required level of financial support.
Although it is often advantageous to set up a trust, particularly where you are in receipt of means tested benefits or local authority funding, you may decide that you wish for the funds to remain in your name. It is still open to you to utilise our skills and expertise in administering money to assist you with managing the sum that you have been awarded.