Sometimes known as a Compensation Protection Trust, setting up a trust to receive and hold your compensation award is something highly recommended for many.
There are a number of benefits to holding your compensation in a trust, including, but not limited to:
- Preserving your entitlement to current or future means-tested benefits;
- Preserving your entitlement to current or future means-tested care funding;
- Protection from people who may want to separate you from your compensation; and
- With professional input, guidance on the sensible management of your award to ensure your needs can be met throughout your life.
You are free to choose your trustees which can include a professional trustee at Stonegate Legal Limited, if required.
By using our services, you will also gain access to independent professional expertise on investment, tax and all associated trust administration services.
Not everyone’s circumstances are the same, so please contact us if you would like to discuss this further.
Working with the solicitor managing your claim
If required, we will work alongside your litigator to help manage any interim damages trust and help make the necessary preparations ready for receipt of the final award.
We are happy to provide professional trustee services or to support your chosen trustees in the everyday management and administration of the trust.
Even if you do not have a professional trustee appointed, having support in the administration of the trust can be highly beneficial.
Once a trust has been set up, regardless of the type of trust or whether the trust contains personal injury damages or funds from private wealth, the trustees have a number of responsibilities and duties placed upon them that need to be met.
This may include annual accounts and tax returns but can extend to much more than this, depending on your circumstances.