Trust Fund

[jvr59]

Hi anyone know about Trust Funds for myself?
Later on i'll be given lump sum of money. At present i'm on UC.
Someone told me if i put the money into a trust fund for myself and think said ring protect it its like a hidden saving for my future that no one knows about so doesn't need to be declared
Anyone know about this or any other account works like this.

So you want to get a lump sum and not declare it so you can carry on claiming benefits?

There are 3 parties to a Trust. The donor or settler, who creates the trust and puts the money into it. The trustee(s) who look after the money in the trust. And the beneficiaries who get the benefit of the money. You can be both donor and trustee, or trustee and beneficiary. You cannot be donor and beneficiary of the same trust, because that would mean you effectively haven't actually given anything away if you retain the right to use it.

What you sound like you are looking for is for the person who is giving you the lump sum of money to create a trust where you are a potential beneficiary, if you are trying to avoid this lump sum affecting your entitlement to UC.

Are you receiving the lump sum as a result of a personal injury or industrial disease claim?

If so a trust is a legitimate way to protect yourself, you should get advice about this, ask your solicitor to refer you to someone.