Personal Injury Trust Fund…need advice

WednesdayAdams

I am not able to work due to health problems and I receive UC and PIP.

I am due to receive a compensation payment from being a victim of a violent crime (which contributed to my health problems).

 I understand that I need to set up a ‘Personal Injury Trust Fund’ for the money to be paid into, so that it does not affect my benefits (specifically UC).

Does anyone have any useful advice about how to do this? I will phone around some solicitors tomorrow….but I’m really quite clueless about this type of thing. So just wondered if anyone has any experience and can offer any helpful advice…

I understand I need to ask a solicitor to arrange this. How do I choose a solicitor? A google search indicates that there are literally hundreds to choose from. 

Does anyone know how much the solicitor should charge to set this up?

Do I really need 2 other people to act as trustees? Is it okay if it’s just me and 1 friend as trustee? I don’t have many friends or family who can help. How much does it cost for the solicitor to act as a trustee, and is it worth doing that?

Are there specific banks/building societies that provide these accounts? Do I just phone around and ask?

If anyone can answer some of my questions I would be most grateful. 

poppy12345

You'll probably be better finding an advice agency local to you to get some expert advice regarding this. Start here. https://advicelocal.uk/