Is it too late to set up a Personal Injury Trust?

1blue

Partner received a Personal Injury Compensation payment about 5 years ago.

They never opened a Personal Injury Trust as they were not, and did not intend to claim benefits. 

Circumstances have changed and that is now a possibility in the future due to a new long term medical condition.

Is it too late to set up Personal Injury Trust?

Money has been split around various savings and bank accounts to get best interest rates in the intervening period so would be difficult to track it, if required to do so.

As setting up a personal injury trust is quite expensive, we don't want to do start that process if it is too late or if not keeping the money isolated over the past years would make it pointless.

Thank you for any advice you can provide.

xylophone

https://www.markthompsonlaw.com/52-weeks-to-create-a-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/#:~:text=There is no time limit,first compensation payment is received.

Above seems relevant.

1blue

Thank you that is very useful.

The paragraph that worries me is:

"So unless you have left the compensation untouched in its own account setting up a trust late is bound to invite questions"