If you have been successful in making a personal injury claim for compensation, you may be wondering what happens next.
Often, the claims can result in a financial settlement – some of a substantial amount. Once you have received your settlement cheque your lawyer will need to discuss what you should do next. You may want to consider:
– Setting up a Personal Injury Trust
– Seeking investment advice
– Making a Will
– Paying into a Personal Injury Trust
By paying the compensation into a Personal Injury Trust, you can preserve your entitlement to state benefits and still have access to your compensation. It is essential to have a trust set up if you are receiving or are likely to receive means-tested benefits because you will lose the right to claim them if you receive more than £8,000 in compensation.
It is important to make sure that the Trust has been set up before you receive any compensation from the defendant. It would also be important to make a Will at the same time. Your Gotelee lawyer will be able to advise you further on these issues before the settlement of your claim.
Depending on the amount of compensation you receive you may need to seek advice on the investment of your compensation. Gotelee can refer you to an Independent Financial Adviser who will see you and discuss your investment options.
Once you have received your payment we recommend that you make a new Will to ensure that the money goes to the right people if you were to die. Please contact a member of our Wills and Probate team to discuss this further.
Click here to find out how much compensation you could receive.
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We can help you make a claim and advise you on your settlement and the options available to you.
Call us on 01473 298125 or complete our online enquiry form and we will be happy to discuss your case. We can arrange an appointment at any of our offices either in Ipswich, Felixstowe, Hadleigh and Woodbridge.
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