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Personal injury trust?

edited 30 November -1 at 12:00AM in Insurance & Life Assurance
2 replies 356 views
Jodieb86Jodieb86 Forumite
2 posts
edited 30 November -1 at 12:00AM in Insurance & Life Assurance
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

Replies

  • HappyHarryHappyHarry Forumite
    1.1K posts
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    Jodieb86 wrote: »
    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.
  • Jodieb86Jodieb86 Forumite
    2 posts
    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 future
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