Personal Injury Trusts and Compensation Protection Trusts
It is often such a relief once a litigation claim has ended and settlement in the proceedings has been reached. However, the next step following receipt of an award can sometimes be just as daunting!
Wrigleys specialise in asset protection, in particular following personal injury awards . In such cases, Wrigleys advise and assist in putting in place a Compensation Protection Trust (also referred to as a Personal Injury Trust) and the benefits of doing so.
Advice is tailored to your individual circumstances, for instance taking into account any means tested benefits and care that you may be in receipt of.
Article: Hints and tips for trustees of Personal Injury Trusts
Disabled Trusts case study: Click here to read Anna's Story
Trust Administration
Wrigleys also assist on an ongoing basis by administering a Trust though our specialist Trust Administration Department.
Administration may be ensuring all day to day matters are dealt on behalf of the Trustees or can be on a one-off or an ad hoc basis, for instance in relation to a benefit or tax query.
More details are available here
Cooperation & Collaboration With Other Firms
As Wrigleys specialises in asset protection rather than contentious litigation, our services often complement other firms that are involved with the litigation proceedings and compensation claims.
This involves us working with lawyers, independent financial advisors and case management companies.
Personal Injury Trusts and Compensation Protection Trusts
Wrigleys advise on and assist in putting in place Compensation Protection Trusts (also referred to as a Personal Injury Trust) or Compensation Protection Bare Trust. The benefits of doing so include:
- Protecting your client's assets throughout their life and prolonging the benefit through prudent management, tax planning and shielding it from third parties.
- Tailoring the client’s benefit and care position to take account of means tested benefits and care under the current legislation as well as wider benefits such as ring fencing funds and where relevant, ensuring the funds are protected in terms of possible vulnerability.
- Writing to the relevant benefit authorities to advise of the relevant change of circumstance arising from the trust. This is particularly relevant and often requires further advice to both the litigator and their client where the 52 week disregard has expired, for means tested benefits and care (common where there has been interim payments, during the litigation claim).
Article: Hints and tips for trustees of Personal Injury Trusts
Trust Administration
Wrigleys also assist on an on-going basis by administering a Trust though our specialist Trust Administration Department.
Professional administration can ensure that all day to day matters are dealt with on behalf of the Trustees as well as on-going accounting and tax matters such as dealing with tax returns, annual accounts, benefit queries, one-off transactions and tax planning.
Wrigleys co-author several leading professional texts in this area:
"Coldrick on Personal Injury Trusts"
"APIL Personal Injury Law: Law, Practice and Precedents" (Association of Personal Injury Lawyers’)
Guides on the Mental Capacity Act for Headway and The Patients’ Association.
Members of our team regularly speak at professional conferences and write articles on personal injury trusts, vulnerable beneficiary issues, Court of Protection and care fees issues.
Court of Protection & Legal support for Injured, Disabled or Vulnerable people
Trusts
Wills & Trusts for Vulnerable People
