When To Set Up A Personal Injury Trust
A personal injury trust can be used to keep your compensation payment separate from your personal finances.
The best time to set up a personal injury trust is before your claim is settled and you receive your compensation.
Disclaimer: This guide outlines general topics you should be thinking about if you want to make a personal injury claim. But it is not legal advice. If you need legal advice, you should contact a specialist personal injury claim solicitor for guidance on your specific circumstances.
When Should I Set Up A Personal Injury Trust?
You should set up a personal injury trust before you receive your compensation payment. That means when your compensation is paid, it can be lodged straight into the trust’s bank account.
If you set up your personal injury trust before you receive your compensation, you won’t have to lodge any money into your own bank account. The payment can just go straight into the trust’s bank account.
This means you won’t have to explain why your current account has thousands of pounds coming in and out of it!
But if you have already received your compensation payment, don’t worry. Even if you have lodged your payment into your personal bank account, it’s not too late to think about setting up a personal injury trust.
But don’t wait until this becomes a problem in the future. Don’t wait until you get a letter from the Social Security Office. This is one of those things that the longer you leave it, the more complicated it gets.
Get in touch with a personal injury solicitor now, and they’ll look after everything for you.
The above article is part of our guide on how to make a personal injury claim in Northern Ireland.
If you are thinking about making a personal injury claim, you should get in touch with a Northern Ireland personal injury solicitor who will help you assess the strength of your case.
If you have any questions, you are very welcome to get in touch.
All the best,
The Team @ Lightlaw
Every effort is made to keep this guide up to date. Although it is not to be regarded as legal advice, we strive to make sure the information is helpful, accurate and practical. If you are a Northern Ireland personal injury solicitor and have spotted an inaccuracy, you can submit a suggested change.