Special Needs Trusts? setting up and costs?

bobthebuilder69

Help!

Im disabled due to an accident and about to receive settlement, this sum is large, the solicitors have suggested in me setting up a 'Special Needs Trust' (SNT) so im not effected by this......

Has anyone done this? know where to go what to do? ive googled it loads about US trusts but not UK

My solicitor has offered it but obviously at a large cost, something id rather avoid, info seems a little sketchy so any advice greatfully received......

OneYorkshireLass

There's a good description of a SNT here: http://www.thecpservice.co.uk/what/special-needs-trusts/

When your solicitor says you will not be affected by the money they mean you will not lose entitlement to benefits if you put the money in a SNT.

bobthebuilder69

many thanks :-) thats useful

anyone idea how much it costs etc?

OneYorkshireLass

There's an FAQ here: http://www.specialneedstrusts.co.uk/faq/

The money section says that particular lawyer charges a fee for setting up the trust then an annual admin fee based on your level of compensation.

Looks like lawyers can set their own fees but that one might give you a rough idea. Best to ask your own, but at least you don't pay anything until the money comes through.

Richie-from-the-Boro

- should always be set up before the actual money is transferred and should go from A to C, direct, at no point are you personally holding the money
- you are of course required by law to notify the DWP of the receipt of any money that might put you over the limit for means tested benefits
- the DWP often require sight of the trust deeds in general and the 'set up date' of the deeds in the particular