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What is a Personal Injury Trust?

Posted onJanuary 12, 2019
personal injury trust
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.

The Role of Medical Experts in Personal Injury Cases

As a trusted Tulsa, OK personal injury lawyer understands, medical experts play a crucial role in personal injury claims by providing specialized knowledge and objective assessments of injuries, treatment, and prognosis. Their expertise is instrumental in establishing the extent of harm suffered by the injured party, the causal link between the injury and the incident in question, and the potential long-term effects. Talk with your lawyer from Wandres Law, PC to learn more. 

1. Assessment of Injuries:

Medical experts are trained to diagnose and assess injuries accurately. When an individual sustains injuries in an accident or incident, a medical expert can conduct a thorough examination, which may include physical assessments, imaging studies, and medical histories. Their findings help establish the nature and severity of the injuries, which is crucial in determining the appropriate compensation for the injured party.

2. Establishing Causation:

One of the most critical aspects of a personal injury claim is establishing a direct causal link between the injuries and the incident in question. Medical experts can provide expert testimony to demonstrate how the accident or incident directly led to the injuries sustained. 

3. Determining Future Medical Needs:

In personal injury claims, it is essential to consider the long-term consequences of the injuries. Medical experts can provide insight into the future medical needs of the injured party. This includes estimating the cost of ongoing medical treatment, potential surgeries, physical therapy, and rehabilitation. Such assessments help calculate the full extent of damages to be claimed.

4. Assessing Permanent Disabilities:

In cases where injuries result in permanent disabilities, medical experts play a critical role in evaluating the extent of these disabilities. They provide detailed assessments of how these disabilities will impact the injured party’s ability to work, perform daily activities, and enjoy a reasonable quality of life. This information is vital in determining compensation for pain, suffering, and loss of enjoyment of life.

5. Expert Witness Testimony:

Medical experts often serve as expert witnesses during personal injury trials. Their testimony provides the court with a credible and authoritative account of the injuries, their causes, and their long-term implications. Your Tulsa personal injury lawyer knows that their expertise lends credibility to the injured party’s claims and helps jurors understand the medical aspects of the case.

6. Evaluating Pre-Existing Conditions:

In some personal injury cases, the injured party may have pre-existing medical conditions. Medical experts can evaluate these conditions and determine how they may have been aggravated or exacerbated by the incident.

7. Providing Documentation:

Medical experts generate comprehensive medical reports and documentation that detail the injuries, treatment plans, and prognosis. These reports serve as essential evidence in personal injury claims, providing a clear and organized record of the medical aspects of the case. This documentation helps insurance companies, attorneys, and courts make informed decisions about compensation.

Medical experts are invaluable allies in personal injury claims. Their expertise and objectivity help establish the extent of injuries, prove causation, determine future medical needs, assess permanent disabilities, and provide expert testimony during trials. When you are suffering from injuries after an accident and want to see how a medical expert can help your case, reach out to Wandres Law, PC to speak with our Tulsa personal injury lawyer now.

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