The idea behind such a trust is to try and preserve any benefits which the injured party may be entitled to that are means tested and that would otherwise be lost if the injured party received all their compensation outright.
If the recipient of the Personal Injury award puts the compensation into a Personal Injury Trust then they are not deemed as owning these monies and therefore their benefits should remain unaffected.
However, a Personal Injury Trust is a very specialised type of trust and there are various time limits and procedures to follow in order to set one up.
For more information, why not click the links below or download one of our helpful guides.
Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.
What other types of trust are available?
There are numerous types of trust available, the most common types are: