Personal Injury Trusts - can you set one up without a lawyer?

xylophone

The account should be in the name of the Trustees of the Shabbybex PI Trust.

Who are the Trustees?

They need to approach the bank to set up the account.

Any bank should be able to set up such an account?

http://www.markthompsonlaw.com/best-bank-or-building-society-account-for-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/

arthur2

Be warned about banks!

I had the situation six years ago. I attempted to open a Trustee account at Lloyds TSB - as it then was. Even though the Branch Manager was dealing with us, she opened just a joint personal savings account, which was not in the names of the Trustees as such, had no outgoing payment facilities, and would have been a disaster legally. Before the compensation arrived, we expressed our displeasure and went next door to Barclays. They got it right at the start, but didn't understand "dual authorization" for online banking. We therefore moved the money (other than the majority which we had put in the hands of an Investment Manager) to Metro Bank, who offer online banking and do understand it!! After 18 months of inactivity Barclays decided to close the account - without giving the usual dormancy warning. They paid £50 compensation for messing us about. I think most other major banks are probably more up-to-speed on "dual authorization" now.