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personal injuries trust fund

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6 years 2 months ago #203934 by ray charles
personal injuries trust fund was created by ray charles
Hi everyone and a happy new year.
I will soon be receiving some compensation for personal injuries I sustained as the result of a road traffic accident. I have been advised to put it into a Personal Injuries Trust (PIT) in order to avoid loosing means tested benefit.
I have searched the internet for banks or building societies that will allow you to open a PIT account but have not been able to find any.
Can anyone, who has been through this proccess, recomend a bank or building society that offers this service. Idealy I am looking for one that pays a bit of interest and offers easy access to the trust money.
Many thanks in advance.

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6 years 2 months ago #203955 by Gordon
Replied by Gordon on topic personal injuries trust fund
Ray

You won't find a "Personal Injuries" account, a trust is a legal agreement defining your access to the compensation and naming who Trustees who manage the money on your behalf.

You need to speak to a solicitor about setting one up.

Gordon

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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6 years 2 months ago #204062 by ray charles
Replied by ray charles on topic personal injuries trust fund
Hi Gordon.
Thanks for the reply. I am aware of the process of setting up a trust fund and I have the trustees in place. When the compensation is paid my solicitor is going to set the Personal Injury Trust up for me.
However, the compensation money must be deposited in its own designated account, and my solicitor has advised me to look for one that suits my requirements.
After trolling the internet, I cannot find any banks or building societies that advertise any specific accounts for such a trust fund.
So I was looking for advice from someone who may have been through this proccess and could recomend a bank or building society who offer this service.
I have bank accounts with Natwest and Santander who have both informed me that they do not operate such bank accounts.
Any advice much appreciated.

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6 years 2 months ago #204072 by Gordon
Replied by Gordon on topic personal injuries trust fund
Ray

I found the following after doing an internet search for "bank account for a personal injuries trust fund".

www.markthompsonlaw.com/best-bank-or-bui...injury-compensation/

Gordon

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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6 years 2 months ago #204134 by ray charles
Replied by ray charles on topic personal injuries trust fund
Thanks Gordon.
I think it may be a bit difficult to track down a bank who is willing to deal with this as, up until now, I have had the impression that they think that I am trying to commit benefit fraud.
I am sure they would be willing to help me if I wanted to hide millions of £ for tax avoidance purposes.

Cheers for your help.

Ray.

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6 years 2 months ago #204159 by sally-jane
Replied by sally-jane on topic personal injuries trust fund
Hi, Barclays put my minuscule PIT in a savings a/c managed by the solicitor which gave a good return until it was utilised for purchasing a property for myself.

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