personal injury trust HOW TO SET ONE UP

malondon1

Going to receive a large amount, would like to know a few questions.

How do I set one up, my parents will be in control of it?
After setting one up would my parents be allowed to add money themselves to increase the fund?
I have another 2 PI claims in progress once a receive those will I be about to place it into the original trust?

NYM

Have a word with the Solicitor handling your case. They are best placed to advise on the pros and cons of different types of trusts.

rogerblack

As a general benefits answer, from my memory of the legislation and without research.
Any money gotten from a personal injury is generally neglected for capital purposes for means-tested benefits, or forever if put into the proper PI trust.

Just because you call it a PI trust, does not make it a PI trust.
The source of the money has to be from a PI.

Any money put into this trust other than from a PI would be under the usual rules - and if you have any access to this money on demand, would count as capital.

It is possible to set up a trust which would not affect means-tested benefits from non PI sources. This would be able to pay certain expenses, but there needs to be absolutely no way to get at this money for the claimant - even if they go to court.
Or it's counted as full as capital.

xylophone

There is some general information here

http://www.coffinmew.co.uk/images/library/files/PI_TRUST_GUIDE_New_LOGO_Final_dft_mg_21.5.10.pdf



http://www.markthompsonlaw.com/how-to-set-up-a-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/attachment/trust-deed-personal-injury-trust-2-2/

but you would need advice from your own solicitor.