Are you dealing with a claim for compensation for a child? Will they have capacity to manage their award when reaching age 18? If not, you will need to think carefully about the management of their award and any interim payments, during their minority.
Historically compensation awarded to children remained in Court until a child attained their majority at age 18. Diminishing interest rates and the need to access funds for interim needs now makes this a very unattractive option.
A proper explanation of the advantage of funds being invested elsewhere, with a commitment to file an annual trust account and investment report, will often result in the court approving the creation of a personal injury trust as a vehicle for managing a child's award.
If you are considering an application to the court for the management of funds out of court we can help.
We are very experienced in drafting and managing personal injury trusts and if needed we can also commission expert financial advice on the management of interim and final payments.
To learn more about personal injury trusts click here.