personal injury trust fund

jessmist

please can somebody tell me about personal injury trust funds as i have just been awarded some compensation and i am told if i use a trust fund it will not affect my entitlement to benifits in the future

Debt_Free_Chick

Who told you this? It might be true, as you won't own the money - the trustee will. However, you will probably be receiving something from it, in which case whatever you receive may have to be declared. It also depends on what State benefits you are receiving, whether they are means-tested and what the rules are for payment of that benefit. There are also different types of trusts and it depends on which one you have.

I assume you had a solicitor to help with your claim? If so, you should speak to them as they surely will have experience of setting up such trusts. This is a very complex area of tax & benefit rules - you really do need expert advice here.

jessmist

thanks for the reply,my solicator put me in touch with an independant financial advisor.

uk_steve

Hiya you sound like you are a mirror image of me!

I just looked on the net to open a Personal Injury Trust and I saw this Forum:T

So i just signed up

I recently had compo and don't claim any Benefits apart from DLA (as its 100% not means tested plus i have a Motorbilty car).
I was told if i put my money into a Trust, I can claim means tested benefits like Income Support etc.

I have more money then the threshhold therefore I cannot claim means tested benefits due to compo which was awarded:( and at the mo all i am doing is spending my compo which is meant to be there to help me get things for my disabled life! not to spend on day to day life bills, which should be Benefits as i cannot work due to my disability.

Any help or where to go to get this sorted would be a great help. It's been over a year now since compo and its getting spent quickly on just bills!

tom188

This is a complex area, and probably beyond the scope of this forum.
I would suggest you consult a solicitor or IFA.

uk_steve

yeah i think its tel call to Solictors


thanks Tom

jessmist

try independant financial advisor

uk_steve

on it now thanks