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).
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.
Here is an article on 'Establishing and Running a Bursary Campaign'
The Wrigleys co-author several leading professional texts in this area:
"Coldrick on Personal Injury Trusts"
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.