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Personal injury trust?
Jodieb86
Posts: 2 Newbie
I’ve got a ongoing personal injury claim. Since late 2016
As time goes on it’s looking more likely to be a substantial amount.
Since the accident I’ve had x2 interim payments of £1000
When I get the final settlement will I be able to open a trust or is it too late as I’ve had the interim payments?
I work but do get some housing/Council tax benefit and working tax credits? Will these benefits be affected?
Thanks
As time goes on it’s looking more likely to be a substantial amount.
Since the accident I’ve had x2 interim payments of £1000
When I get the final settlement will I be able to open a trust or is it too late as I’ve had the interim payments?
I work but do get some housing/Council tax benefit and working tax credits? Will these benefits be affected?
Thanks
0
Comments
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I’ve got a ongoing personal injury claim. Since late 2016
As time goes on it’s looking more likely to be a substantial amount.
Since the accident I’ve had x2 interim payments of £1000
When I get the final settlement will I be able to open a trust or is it too late as I’ve had the interim payments?
I work but do get some housing/Council tax benefit and working tax credits? Will these benefits be affected?
Thanks
How much is a substantial amount?
You are likely to lose housing benefit and council tax reduction if you have more than £16,000 in your name.
I believe that you can create a personal injury trust within 12 months of receiving the first payment. However, you should have a solicitor representing your case, so they will be the best person to ask about a trust.
Is such a trust moral? I expect you're going to get a few comments on that aspect.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
HappyHarry wrote: »How much is a substantial amount?
You are likely to lose housing benefit and council tax reduction if you have more than £16,000 in your name.
I believe that you can create a personal injury trust within 12 months of receiving the first payment. However, you should have a solicitor representing your case, so they will be the best person to ask about a trust.
Is such a trust moral? I expect you're going to get a few comments on that aspect.
It has been over 12 months already so that will probably be that then
My solicitors didn’t really seem to know anything about benefits
I’m not sure on the amount yet, but the dentistry has been expensive and likely to need doing again every 3/5 years because it’s my front teeth so the medical expert says lots of work in the future0
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