Help needed with Incapacity Trusts.

Losing_the_way

Hi all,

I hope someone here might be able to help. I have been a long time reader and have tried researching the internet for information.

I had an accident a few years ago and as a result was awarded a compensation amount. I am entitled to benefits as long as that amount is protected in a vehicle called an Incapacity Trust. Setting this trust cost a lot and they then put the money into the bank.

I have two questions. I am now possibly going to be awarded a further amount of compensation, can I either pay this into the same account at that bank, and or could I switch this Trust to another bank which might actually pay some interest? I am trying to avoid having to payout yet again for a Trust to be setup or the cost of further solicitor’s fees.

freezspirit

Sorry can't help you but I would like to know more about Incapacity trust as I've never heard of it.

Losing_the_way

My understanding is that Incapacity trusts can be used in certain instances where the has been an award to an individual due to incapacity. They effectively shield the money held in the trust from being used against any benefit calculations.