After a personal injury claim is filed with the courts, financial compensation often follows after a settlement or verdict is reached. The amount of the payout depends on the severity of the personal injury and the circumstances surrounding the lawsuit. If you’ve fallen victim to personal injury, a Tulsa personal injury lawyer can help set up a personal injury trust to assist with your payout.
What is a Personal Injury Trust?
A personal injury trust is a legal arrangement designed to store and manage the funds received from a personal injury settlement. The person who creates the trust is called the settlor and is the victim of the personal injury claim.
Once the trust is set up, either a corporation or at least two designated trustees will oversee the trust itself, including disbursement of funds and general management. Some of the most common personal injury cases that lead to personal injury trusts include accidents, medical and clinical injuries and malpractice, and injuries resulting from criminal acts.
What are the Benefits of Setting One Up?
The main benefit of setting up a personal injury trust with a Tulsa personal injury lawyer is the ability it affords to protect elderly, disabled and young victims. The trustees make the best decisions possible for the victims, leaving little room for error or bad judgement.
Another benefit to setting up a personal injury trust is having the knowledge of an experienced trust specialist on hand whenever you need it. The right trustees can provide the best support and advice, especially when making important decisions.
Creating a Personal Injury Trust
The first step to setting up a personal injury trust fund is to appoint at least two trustees. Next, set up a bank account where the funds will be placed that is separate from your personal finances.
To ensure you receive the best advice, please contact Patrick Wandres at Wandres Law, PC if you need help from a personal injury lawyer in Tulsa, OK.