The money is yours. If you do not spend the money it will sit in the bank / building society and gain interest. If you have been awarded a significant sum, say over £50,000, we would recommend that you see an Independent Financial Adviser (IFA) to see how you can make your money work best for...
You then need to open up a bank or building society account in the names of the trustees. Ideally the account should be in the name of ‘The Trustees of the (your name) Personal Injury Settlement’. However, provided that it is a joint account in the names of all of the trustees it should be fine...
As we would be setting up a trust, you need two people to act as trustees. Usually one of these people would be you. The other person can be anyone over 18 years old, and most of our clients usually have a family member act as trustee with them. A solicitor can act as a trustee for you. However...
The expression personal injury trust is a legal 'term of art' found in the context of the modern English law of trusts (also applicable, where relevant, to Wales, Scotland and Northern Ireland).
A personal injury trust is a form of 'trust', a legally binding arrangement, where funds are held by...
Personal injury trusts usually carry no UK tax advantages. Compensated people need access to their award via their chosen trustees. Thus it is essential that they retain an interest as a named beneficiary in the award which they settle to form the trust fund.
The UK taxation anti-avoidance...
The award placed in the personal injury trust may be negotiated or mediated and no Court Order making an award is required to facilitate a personal injury trust unless the compensated person is either a minor or mentally incapable of managing their own affairs. • Cases involving minors will...
The expression personal injury trust is a legal 'term of art' found in the context of the modern English law of trusts (also applicable, where relevant, to Wales, Scotland and Northern Ireland).
A personal injury trust is a form of 'trust', a legally binding arrangement, where funds are held by...
• It is constituted exclusively by funds derived from a payment (or payments) made in consequence of a personal injury e.g. compensation for a road traffic accident. • The person founding the trust (called 'the settlor') will be the injured party (That is except in limited circumstances...
"A trust does not need to have a specific generic title or be one sort of trust or another at law to be a personal injury trust. It is the source of the trust fund which determines the trust's nature ... needs ... relevant circumstances and the relevant law should dictate the type of trust. But...
Aside from compensation for injuries, the injured person can also get compensated for how the injuries have affected his or her life. An example, a keen cricketer suffers a wrist injury which prevents him from playing cricket during the cricket season. This can be compensated for, over and above...
The most common types of personal injury claims are road traffic accidents, accidents at work, tripping accidents, assault claims, accidents in the home, product defect accidents (product liability) and holiday accidents. The term personal injury also incorporates medical and dental accidents...