If you have been involved in a personal injury and are entitled to compensation, you may be able to receive hundreds if not thousands of pounds to cover the costs of your injury as well as any loss of earnings and expenses. Whether you have been involved in a car accident, a slip, trip or fall or an accident at work, if it was somebody else’s fault then you may be entitled to make a claim. Once you have been through the claims process and have received compensation, you may decide to set up a personal injury trust account where your compensation amount will be kept by your ‘trustees’ .
Why set up a personal injury trust account?
Your compensation amount may potentially affect your entitlement to means-tested state benefits such as income support or housing benefit. By setting up a personal injury trust account, this money will be set aside and disregarded for the purposes of means tests – meaning you can still receive your benefits as you previously did.
Even if you are not currently entitled to benefits, by setting up a trust your entitlement will not be affected if your circumstances change in the future. A trust should ideally be set up before you receive any compensation, although it is still a possibility if you have already been awarded your compensation amount.
Keeping your compensation amount within a personal injury trust account does not mean you will not have access to this capital; you will likely have full access. If you do leave your compensation amount in your personal injury trust fund however, it will gain interest depending on the rate set by your trust fund.
In general, you will act as one of the trustees, and your second trustee may be a family member or trusted friend over the age of 18. In most cases, you will both be required to sign for cash withdrawals.
How do you make a claim for compensation?
If you think you are entitled to make a claim for compensation, you can confirm your eligibility by using an online checker such as Accident Advice Helpline’s 30-second test. This will also give you an idea of how much you may be able to claim in monetary terms – helping you to decide if a personal injury trust account is something you wish to set up in order to protect your benefits.
To get in touch with Accident Advice Helpline and make a claim, simply call our 24-hour advice line or alternatively fill out our short online claim form. You will be put in touch with one of our highly trained, specialist advisers who will guide you through the claims process, ensuring it is as simple and stress-free as possible.
At Accident Advice Helpline, we progress all of our claims on a no-win, no-fee basis. So there are no up-front fees to pay to get your claim started.
To discuss your claim with a member of our expert team dial 0800 689 0500 from a landline, or 0333 500 0993 from your mobile phone.
Date Published: 28th February 2013
Author: David Brown