Personal injury trust solicitors

Means-tested benefits, such as Universal Credit, Housing Benefit, or Income Support, are calculated based on your income and savings. Without a trust in place, any compensation you receive could push your savings above the threshold, leading to a reduction or loss of benefits.

By placing your compensation into a Personal Injury Trust, it is legally disregarded in the assessment for these benefits, allowing you to maintain your entitlement.

A Personal Injury Trust is more than just a safeguard for benefits—it provides a structured way to manage your compensation over the long term.

Whether you need funds for medical care, living expenses, or future investments, a trust ensures your money is used effectively while remaining protected from external risks.

There are strict rules about how compensation can be handled to ensure compliance with benefits regulations. A Personal Injury Trust gives you peace of mind that:

• Your funds are managed according to the law.
• Your financial future is secure.
• You can access the support and guidance of experienced professionals.

A trustee can be:

• Family members: Someone close to you who understands your needs and priorities.
• Friends: Trusted individuals who have your best interests at heart.
• Professional trustees: Experts, such as solicitors, who bring impartiality and legal knowledge to the role.

While it may seem convenient to rely on family or friends, the role of a trustee comes with significant responsibilities. Many individuals choose to include at least one professional trustee to ensure the trust is managed properly and to minimise potential disputes or misunderstandings.

Trustees must:

• Act in your best interests at all times.
• Follow strict rules about how trust funds can be accessed and spent.
• Ensure trust funds are used only for your benefit, safeguarding your eligibility for means-tested benefits.

The role involves careful management of finances and compliance with legal regulations. Trustees may also be required to make decisions about investments or large expenses, which can be challenging without the right expertise.

Professional trustees, such as those at Anthony Gold Solicitors, bring a wealth of experience to managing trusts. They can:

• Provide impartial advice and decision-making.
• Handle complex legal and financial matters with confidence.
• Ensure compliance with all legal requirements, reducing the risk of errors.

To comply with the rules of a Personal Injury Trust, your compensation must be kept entirely separate from your personal finances. This means opening a dedicated trust bank account that is:

• Separate from other accounts: Ensuring clarity and compliance with regulations.
• Accessible only by trustees: Protecting the funds from unintended use.

We assist in opening and managing trust bank accounts, ensuring the account is set up correctly and operates smoothly. Our team ensures the account meets all legal and administrative requirements, giving you one less thing to worry about.

In some cases, trusts are required to file annual tax returns. These returns report any income generated by the trust, such as interest or investment gains. Proper tax management ensures your trust remains compliant and avoids penalties.

Our services include:

• Preparing and filing trust tax returns.
• Advising on tax obligations related to trust income.
• Helping you stay organised with annual financial reviews.

If your trust fund involves substantial sums, strategic investments can help maximise its value over time. While safeguarding your compensation is the priority, smart investments can ensure the funds grow to meet your long-term needs.

We can:

• Provide tailored investment advice in collaboration with trusted financial advisors.
• Help your trustees make informed decisions about managing the trust’s funds.
• Ensure all investments comply with the rules of the Personal Injury Trust.

• Preparation and drafting of the Personal Injury Trust deed to establish the trust legally.
• Customised trust structures to suit your specific needs and circumstances.
• Guidance on trust options to ensure compliance with benefit regulations.

• Support in selecting suitable trustees, whether they are family, friends, or professionals.
• Explaining the roles and responsibilities of trustees to ensure informed decision-making.
• Acting as impartial, professional trustees to provide expert management and reduce personal burden.

• Assistance in opening dedicated trust bank accounts to keep your funds separate from personal finances.
• Ongoing account management to ensure smooth transactions and compliance with legal requirements.

• Acting as professional trustees to manage your trust with expertise and care.
• Ensuring funds are applied exclusively for your benefit while preserving eligibility for means-tested benefits.
• Handling complex financial decisions, including fund allocation and major expenses.

• Preparation and filing of trust tax returns to ensure compliance with HMRC requirements.
• Strategic advice on trust fund investments, in collaboration with financial advisors.
• Ongoing financial management, including the preparation of annual accounts.

• Conducting tailored reviews to ensure you are maximising any welfare benefits or state funding available to you.
• Advising on how your Personal Injury Trust interacts with benefits assessments and state support.

• Assisting with the formal appointment or retirement of trustees as your circumstances change.
• Ensuring the trust deed is updated to reflect any adjustments in trusteeship.