If you have sustained an injury which is either negligent or criminal, physical or mental or both and are considering making a compensation claim, then you should also consider setting up a Personal Injury Trust (PIT) to receive your compensation payment.

We live in an increasingly litigious society, and compensation claims and subsequent awards are becoming more commonplace and are growing in value. Medical negligence awards are some of the highest in value. By the nature of the circumstances giving rise to such awards, claimants may need some form of long term care. In this context using a “PIT “ can bring many benefits, one of which is that the trust assets are disregarded from means testing by the Benefits Agency.

This means that by placing the compensation sum into a trust, eligibility for income support, housing benefit and other benefits can be preserved. This can have a massive impact on an individual’s finances over time.Each individual claimant’s requirements and expectations will be unique to their situation, however it is clear that in most personal injury cases where compensation is likely to be sizeable, thought should be given to the validity of using a PIT.

Advice from suitably qualified legal and financial advisers should be sought ideally at the negotiation stage of the award process, but in any event at least before the award is settled.

Remember, the right action now will protect you and your wealth, help and benefit those you love, and give you peace of mind so contact our team today.

 

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