If compensation is awarded as a result of a personal injury or medical negligence claim, it could mean that your clients are no longer entitled to receive certain benefits and statutory services.
However, by setting up a personal injury trust, they can keep their entitlement – no matter how large their compensation award is.
A Personal Injury Trust is a robust legal platform for the management of compensation awards, which provides an opportunity for decision making over the award received. PI Trusts are used for individuals, including minors, who have capacity or who are likely to have capacity at the age of 18 and they are disregarded from the assessment of entitlement to means tested benefits and some statutory services, either now or in the future.
Our Court of Protection department at Irwin Mitchell offer specialist legal advice on the creation and running of PI Trusts, from an experienced and dedicated team of solicitors. We are the largest in the country and are top ranked for our expertise in damages management, meaning that we are able to provide bespoke and expert advice on the following:
- Statutory responsibilities and powers as a Trustee
- Testamentary provisions
- Suitability of LPA and AFCS
- Bespoke benefits advice can also be given
- Banking support
- Assistance in the preparation of Trust Accounts and Tax
- Gateway access to specialist third party services.
Please contact a member of our Court of Protection team for further information or advice.