Personal Injusry Trust

thebizz

There is a payment comming for a personal injusry claim and our solicitor has advised we need to find a trust to put it in.  We are really struggling to find anywhere that is opening new accounts at the moment.  Has anyone opened one recently or know of anyone taking new clients.  Currently seems only Metro is an options.

Mark_d

Any good law firm should be able to advise you on setting up a trust

DullGreyGuy

You have 52 weeks from receiving the initial payment to setup the trust so it's not something typically that has to be done at pace. Your solicitor should be best placed to advise who's currently offering them 

Linton

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

DullGreyGuy

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

Marcon

DullGreyGuy said:

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

There is a 52 week 'grace period' before the payment is counted as the recipient's 'personal funds'. That gives anyone already claiming means-tested benefits time to set up a personal injury trust if they haven't done so before receiving the payment.

HillStreetBlues

Marcon said:

DullGreyGuy said:

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

There is a 52 week 'grace period' before the payment is counted as the recipient's 'personal funds'. That gives anyone already claiming means-tested benefits time to set up a personal injury trust if they haven't done so before receiving the payment.

Which he had stated in an earlier post

Marcon

HillStreetBlues said:

Marcon said:

DullGreyGuy said:

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

There is a 52 week 'grace period' before the payment is counted as the recipient's 'personal funds'. That gives anyone already claiming means-tested benefits time to set up a personal injury trust if they haven't done so before receiving the payment.

Which he had stated in an earlier post

...but then rather muddied the waters with the second post: Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc 

HillStreetBlues

Marcon said:

HillStreetBlues said:

Marcon said:

DullGreyGuy said:

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

There is a 52 week 'grace period' before the payment is counted as the recipient's 'personal funds'. That gives anyone already claiming means-tested benefits time to set up a personal injury trust if they haven't done so before receiving the payment.

Which he had stated in an earlier post

...but then rather muddied the waters with the second post: Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc 

I think it depends on where you start reading the thread. If at the top a reader would know about the 52 week grace, if starting at the bottom they wouldn't.

Albermarle

thebizz said:

There is a payment comming for a personal injusry claim and our solicitor has advised we need to find a trust to put it in.  We are really struggling to find anywhere that is opening new accounts at the moment.  Has anyone opened one recently or know of anyone taking new clients.  Currently seems only Metro is an options.

Skipton building society is often mentioned in this respect.

DullGreyGuy

Marcon said:

HillStreetBlues said:

Marcon said:

DullGreyGuy said:

Linton said:

Assuming you are not experienced in financial management, If the payment is significant and essential for your future well-being I suggest you pay for advice from an Independent Financial Advisor (IFA) on how best to invest it to meet your long term needs and to minimise tax.

An injury trust means the money belongs to the trust and not the OP so isn't considered theirs when assessing any means tested benefits etc. Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc @linton

There is a 52 week 'grace period' before the payment is counted as the recipient's 'personal funds'. That gives anyone already claiming means-tested benefits time to set up a personal injury trust if they haven't done so before receiving the payment.

Which he had stated in an earlier post

...but then rather muddied the waters with the second post: Having it outside of a trust and simply invested will mean its theirs for assessing if they are entitled to benefits etc 

The reply to was someone saying to get an IFA to invest it for "long term needs"... which would mean they were suggesting keeping it outside of a trust for more than 52 weeks