Managing your compensation
Once compensation has been awarded from a medical negligence or personal injury claim a specialised compensation trust can be set up. This will enable you to protect means tested benefits as well as controlling future ownership and use of the Trust, saving tax and protecting capital.
We can guide you through this process and provide you with the support needed when handling large sums of money through our relationships with highly reputable financial advisers.
Personal injury Trusts
A personal injury trust is an arrangement where trustees (these are the people chosen by you) hold a personal injury award for the beneficiary (you) so that you retain your entitlement to means tested benefits.
A personal injury trust can be set up at any time. However to avoid interruption to current benefits and having to reapply to have these reinstated we recommend you set up a trust before you receive any money.
How can we help you to set up a personal injury Trust?
- Advise you on the formalities of a trust
- Draft all trust documentation
- Set up a trust bank account
- Arrange for an independent financial advisor to liaise with you and the trustees
- Prepare the investment policy statement
- Complete tax returns
- Prepare annual trust accounts
- Provide further ongoing administrative support in respect of the trust, if this is required.
Any award given to children of medical negligence actions is paid into court where it remains until the child is eighteen, or for life if the child is mentally incapable of managing their own affairs. Our aim is to take the money out of the court and place it into a private trust so that the parents, together with two professional solicitors (acting as representatives of the court), can manage the child’s money on their behalf as easily and simply as possible.
The creation of a trust empowers the child’s parents and subsequently the child itself should it have mental capacity, to manage their needs more easily without the delay and expense associated with court applications. It also allows for greater flexibility than if the funds remained in court.
Court of Protection
We are able to offer support and advice to those whose award is managed by the Court of Protection.
Receivership
We act for Receivers (those appointed to look after the day to day finances for someone who does not have the mental capacity to deal with their own financial affairs) and can act as the professional Receiver itself.
We provide sound and practical advice on applications, annual accounts and the general management of the award.
Where can I get further information?
To find out more without any obligation please contact Ruth Meyer on rmeyer@boyesturner.com
