Can someone help please urgent,can't sleep.

yorkypaul_2

I just received a out of court settlement for asbestos cancer,I was advised to place it in a Personal Injury Trust Fund,with myself and another trustee,its a 'BARE' trust.
2 signatures required on cheque book,my question,when I buy an investment bond or a ISA etc.,,do I buy it in the name of myself or The Personal Injury Trust Fund of Myself.
It seems a bit long winded,but apparently its so every penny can be traced back and proved that it is part of the trust and not contaminated by moneys from outside of the personal injuries..
Thank you very much
ps,the reason I not employed a accountant is,I just paid a staggering legal fee to get a small damages settlement,scared to spend more on advice.

bjorn_again

Sorry, you lost me.

Aegis

yorkypaul wrote: »

I just received a out of court settlement for asbestos cancer,I was advised to place it in a Personal Injury Trust Fund,with myself and another trustee,its a 'BARE' trust.
2 signatures required on cheque book,my question,when I buy an investment bond or a ISA etc.,,do I buy it in the name of myself or The Personal Injury Trust Fund of Myself.
It seems a bit long winded,but apparently its so every penny can be traced back and proved that it is part of the trust and not contaminated by moneys from outside of the personal injuries..
Thank you very much
ps,the reason I not employed a accountant is,I just paid a staggering legal fee to get a small damages settlement,scared to spend more on advice.

You won't be able to invest in an ISA via the trust at all, as that's just for individuals. An investment bond could sit inside the trust, but you'd need to speak to an adviser about whether this would actually be worthwhile instead of putting some into cash and some into unit trusts and OEICs instead.

Why does it all need to be in a trust? Surely once the money has been paid out it's yours to do what you want with?

DocProc

If this money is placed in such a trust, then of course the money in the trust is separate from your own money. Stands to reason, doesn't it?

Similarly, the money in your right trouser pocket is separate from the money in your left.

Q. Why do you need to have different trouser pockets?
A. You don't.

Or maybe you do?

Why do you need another person to help you physically look after your own money?

You mention you've got 'asbestos cancer' and so have received a cash settlement. I'm very, very sorry to hear this and it does potentially sound a bit life shortening to me. You might eventually need a bit of help. I guess eventually you could get to be very poorly and unable to get out and about and to the cash point, the bank or to post stuff?

Is that why someone suggested you kick off such a trust? So that there's someone else who can deal with that money? But at the same time you have got your own pot left under your full and total control in the event that the co-trustee does a runner with the money in the trust?

Have you got a good friend you can trust?

I ask this because in today's world there are a lot of people to be a bit wary of. Such people might even be the advisers who are getting all these large amounts of fees from you, eg, the accountant.

Is a new one coming along now under the guise of being a fee earning co-trustee in this new trust?

I don't want to create distrust in your mind about such people but how are you choosing them? I hope you are using good solid reasons rather than silly weak ones like, 'He only lives down the road' or 'He got a mortgage for my sister' - if you see what I mean?

Reaper

The likely reason for the trust is to avoid impacting means tested benefits.

I looked at a random solicitors site and they say:

Why Should I have a Personal Injury Trust?

If you are in receipt of means tested benefits then you should consider having Linder Myers Solicitors set up a PI Trust for you. The following are means tested benefits:

• Income Support
• Housing Benefit
• Council Tax Benefit
• Working Families Tax Credit
• Disabled Person’s Tax credit
• Income Based Jobseeker’s Allowance

As a general rule – if you have over £6,000 at your disposal you are at risk of having your benefits reduced. If you have over £16,000 then you are at risk of losing them entirely. If your compensation is paid directly to you then you will be classed as having this money at your disposal.

etc...

I'm a little surprised it is possible to do this, but hopefully they know what they are talking about!

ukmike

I just paid a staggering legal fee to get a small damages settlement,

Why didn't the other side pay all your legal costs if they admitted liability & paid you damages?

yorkypaul_2

The insurers of the employers of 42 years ago never admitted liability and agreed with my no win no fee solicitor to pay some damages without liability which included my legal costs,I had all the solicitors expenses to repay.
I was advised to set up a personal Injury trust to protect my pension credit status for local authority care charges and other disability benefits.
I did all the research online and set the fund up with my bank and my perfectly trustworthy friend and carer as trustee as if I had used fund managers etc,I would end up with nothing for my pain and suffering after waiting 4 decades to sort it.
I cannot find online how I apply for post office bonds/premium bonds or ISA as the application forms say " name of applicant" and no provisions to put The personal Injury Trust of 'Personal Applicant' the cheapest advice I can find is £500 plus VAT,I only want a simple explanation.

Can the forum understand that??
Respects,and thank you all.

Lansdowne

As someone else said, an ISA is only for an individual. It can't be in the name of a trust, business or anything else. The holder has to be over 16 and have an NI number. So that is out.

Otherwise, the terms & conditions of savings accounts should state whether they are available to be held by a trust. I am sure 'post office/premium bonds' (i.e. National Savings) make the situation clear in the documentation, and building society counter staff should know the position or their own products. Other providers may just not be interested.

DocProc

Please keep on firing your questions to us, Paul.

I am sure there are others like me, who are somewhat interested in trying to be of some help you.

Individuals have National Insurance identification numbers. Trusts do not.

I think you are already beginning to get a greater understanding of some things. This added knowledge is going to allow you to be able to make better decisions, I'm sure.

yorkypaul_2

I think what I need to do is forget about ISA and just use it to buy 3 seperate lots of bonds,one growth with post office,one premium bonds (hoping a win will recoup Solicitors £386 hourly rate and £400 first class travel to visit me to discuss case initially) And one small 2 year invest with a building society,hoping above prayers that I will be here to see it mature,if not,my grand children will be looked after.
Thanks everyone for your help,its very much appreciated
Paul

this is the advice I googled to get me so far (sorry they wont let me post links) but if you google Personal Injury Trusts and older people elderly client advisor,you will see all I read and followed