What is a personal injury trust?

A personal injury trust is a legal entity created to hold and manage the funds from a personal injury lawsuit. The trust can provide individuals who have been injured with a source of income, without the injured person having to worry about making payments on their own. In Florida, personal injury trusts are legally recognized as a way of protecting funds from being taken away by creditors. The trust can also ensure that the injured person has a source of income while recovering from their injury. Depending on the type of trust, funds can be used for medical expenses, lost wages, and other necessary support. The trust is set up by an attorney to manage the money from a settlement or judgement, and it can be used to benefit the injured person and their dependents. The trust is held in the name of the person who was injured, and managed by a trustee. Depending on the trust type, funds can be held in an account for a set amount of time or distributed to the injured person through annuities or other methods. Personal injury trusts in Florida are a valuable way for injured people to protect their funds and ensure financial security in the future. These trusts provide an extra layer of protection and support so that the injured person has the resources they need to heal and live a meaningful life.

Related FAQs

What is the timeline for appealing a decision?
What is a functional capacity evaluation (FCE)?
How long does it take to receive a disability determination decision?
How do I apply for a Guardianship?
What are SSA's guidelines for evaluating disability claims?
What kind of information should I include in my Letter of Intent?
What is Disability Planning Law?
What are reasonable accommodations for a disability?
What is a disability waiver?
How can I protect my assets when applying for public benefits?

What is a personal injury trust?

Related FAQs

Related Blog Posts