Setting up a trust

Niera · 13 April 2019 at 4:58PM

Hi, I was wondering has anyone successfully set up.a.vulnetablt.adults trust fo themselves? I'm struggling to receive.help.and advice.

I have approached STEP, Unbiased, for help from IFAs and Solicitors, but so far no one can assist me or advise me.

My information.sent.to them.

Hi I have been awarded 20K from a CICA claim in February 18th 2019 for historical child abuse. I'm classed as a vulnerable adult due to my mental illness. I'm currently receive ESA, and Housing Benefits. I've been advised by my Citizens Advice Bureau advisor to put my money into a trust for Vulnerable persons, because I have 52 weeks from the date of the award to place in a trust. After the 52 weeks, my benefits will consider my award as savings and income is over 16K. I have 2 of my good friends who are willing to act as my trustees. I'd like a solicitor to help me set up my trust please and advise my on the situation of my benefits after 52 weeks. Many thanks, Miss Thomas

LOCATION
N16 6JB

I'm also SMI.:

Friday1989 · 13 April 2019 at 5:26PM

I used Nestor a few years ago. It cost something like £600 and didn't take long at all. https://nestor.co.uk/personal-injury-services/personal-injury-trusts/

[Deleted User] · 13 April 2019 at 8:32PM

Just to clarify (and I'm not being unkind here) but you want to put the 20k into a trust so that in 52 weeks time you won't lose benefits?
Why not just use some of the money e.g to replace household items? If after 12 months you have over 6k but less than 16k you will lose some income related benefits not all of them.

rayofhope123 · 8 May 2019 at 1:02AM

Hi Venison,

Apologies for the late reply, I did not receive any notification that my post had been replied to last month.

Thank you for your response. I'm trying my best to be rational and logical, and I hve to agree with you to upgrade old household items I've had since 2005, and maybe even treat myself.

I guess because I've been on benefits for so long I wonder how I'll cope paying my bills.

But I'm due to graduate from University in April 2020, so hopefully being on benefits will be a thing of the past for me.

Thank you for your insight, and don't worry you weren't being unkind, just honest.

rayofhope123 · 8 May 2019 at 1:04AM

Hi Friday1989,

Thank you for your recommendation. Apologies for the late response but I wasn't notified that there had been a response to my post.

Miss Thomas

Setting up a trust

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free