At Thompson’s we would like to reassure all our clients that as far as possible we are operating as normal. The health and safety of our staff and clients is our primary concern during this outbreak and as such we are reviewing the situation on a regular basis and will be adapting our working practices following government guidelines. However, we have had to make some minor changes to how we are doing things.

Following Government guidelines, we have temporarily closed all of our offices and our staff are now all working from home using secure technologies to ensure they are able to continue to progress with existing and new cases as normal. All face to face meetings have been cancelled, however we are continuing to hold these meetings via phone and video calls. All the team are contactable on their direct dial numbers and email should you need to speak with your solicitor, please do not hesitate to talk to us about anything during this time.

We know these are uncertain and unsettling times for many of our clients, and the wider population, and things might look a little different for the foreseeable future. But our focus remains on our dedication, knowledge and strength that we provide to all our clients. We will continue to provide updates over the coming days and weeks in accordance with official guidelines and to keep everyone informed of the situation.

As always, for any concerns, advice and updates on your case; Talk to Thompsons.

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Long Term Financial Assistance

Leaders in the most complex claims

Keeping your financial future secure

Advice and assistance from our serious injury solicitors does not stop once you have received compensation. Once you have received settlement it is imperative that you manage your money in such a way as to ensure that your personal and financial interests are secured.

Personal injury trusts

A personal injury trust allows funds from a compensation settlement to be held in a different way to the usual form of ownership and means the money can be held on behalf of a beneficiary (the injured person) and managed by a trustee or trustees.

Where appropriate it is usually advisable for claimants to set up a personal injury trust as soon as reasonably possible – most typically within twelve months of a compensation payout.

Trusts are useful because they can ensure that funds remain in the control of claimants but with certain conditions attached to usage – for example, trustees must agree that the claimant has good reason for withdrawing funds before he or she does so.

Trusts can work in many ways. Not only can they be advantageous in terms of taxation, they may also help claimants ensure they remain eligible to receive certain benefits. Of course, the main attraction of a personal injury trust is its ability to help safeguard the claimant's financial future.

When to set up a personal injury trust

If you have suffered a severe injury and are likely to receive a significant amount of compensation, then it's always best to talk to Thompsons as soon as you can so that we can help you receive the fullest compensation for your injuries.

If you have received a compensation settlement in the last 52 weeks and are now unsure how to manage the money, we can help you set up a personal injury trust so that you can keep your means-tested benefits or Universal Credit.

Ideally, the personal injury trust should be set up as soon as you know that compensation will be coming to you, or your family member, but there is a 52-week grace period and during this time any funds received will not be included for the purposes of the means-test. If you receive an interim payment, the 52-week period will start as soon as you receive the funds. 

What is a personal injury trustee?

A personal Injury trustee is a person who has the authority to deal with the money or property held in the trust and they are duty-bound to act in the best interests of the beneficiary.

The trust can be set up in a number of ways to provide beneficiary rights in respect of the trust's property, and the beneficiary of a personal injury trust may hold all three of the major roles in a trust:

  • Settlor – the person who puts the funds into trust
  • Trustee – a person who manages the handling of the funds
  • Beneficiary – the person who receives money (benefit) from the trust

However, in this situation there will need to be at least one other trustee or the trust would be invalid.

There are a number of strict rules about the use and setting up of a personal injury trust, so it's always best to get advice from experienced solicitors who can help ensure the trust is set up properly and in the way that will help keep the beneficiary as financially secure as possible. 

Talk to Thompsons

Thompsons Solicitors can offer financial advice and assistance to make sure that you make the most of the compensation you receive and that it lasts as long as possible. Our solicitors can help by:

To find out more, give us a call today on 0800 0891 331 and talk things through with one of our expert lawyers.

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