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Protect Your Loved Ones with an Armed Forces Compensation Trust

January 6th, 2014 by Andreas Xavier in Military. Topics:

Almost anyone and everyone in the armed forces should have an Armed Forces Compensation Trust. This is because it is a necessary guarantee or trust to have if you have received an award of compensation from the Ministry of Defense or if you may receive the benefit in the future. If you have already received a compensation award, then time is of the essence. You must file or set up your trust immediately. This is because in order for it to be legally binding and recognized by the Ministry of Defense, it must be in place and established 52 weeks before you receive the first payment for your compensation award.


If you are receiving compensation award that means that your individual circumstances, which may be illness, death, or injury, have led to you qualify for this award.  An award that you fully deserve and will undoubtedly go a far way in helping to achieve or maintain a certain type of lifestyle for you and your loved ones. Many individuals are not aware that receiving this benefit could potentially rob them of other benefits that they would otherwise be entitled to. You should not be penalized for a lifetime of thriftiness or a good savings habit.


Unfortunately, if combined with the compensation benefit you have accumulated more than 6000 pounds, your entitlement benefits may be in jeopardy of being reduced. The situation is even more serious and drastic if the combined figure with your compensation and savings exceed 16,000 pounds. If this is the case, then you run the risk of losing all of your hard earned and well deserved entitlement benefits.


It may seem unfair and hard to believe but it is true. You may go online and check the facts for yourself. Information is the key and will be the difference in securing your benefits. This can and will ensure and guarantee an acceptable or comfortable standard of living for you and your family.


The fact and the reality is that usually for veterans and other military personnel, there are several individuals or family members dependent on the income or benefit received from just one individual. There can be a wife or husband, any number of children, siblings, as well as mothers and fathers.


The loss of any source of income or benefit is therefore doubled or magnified as the effect is very often felt by many. It is definitely worth the time and effort to learn how to protect any future benefits or entitlements so that they can benefit you or your family as was always your desire or intention.


Do not delay or hesitate and wait until you are entitled to benefits or have been awarded compensation to set up your Armed Forces Compensation Trust. You need to protect it by putting a fence or hedge around your compensation by placing it in a trust and appointing at least two trustees, which must be over the age of 18.


You can be one of the trustees and you will need to appoint another. Trustees will charge you to administer your trust. There is no need to be intimidated or confused by the process. Hilary Meredith Solicitors has several competent solicitors ready and willing to answer any questions you may have. Contact them today.

About the author

Cheri Davis writes for http://www.hmsolicitors.co.uk/


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