Trustee Banking FAQs
We are Trustees of a Personal Injury Trust. Can we switch our current trust account to the Monika platform?
Yes, you can, and its simple to do so. Firstly, we will open a free Personal Injury Trust bank account for the…
Can we use the Current Account Switch Service for bulk deputy account transfers?
Yes, you can transfer your deputy bank accounts to the new bank accounts opened on the Monika platform. If you are a…
How much does setting up a personal injury trust in the UK typically cost?
The cost of setting up a personal injury trust in the UK can vary depending on the complexity of the trust, the type of…
What are the Advantages and Disadvantages of setting up a Personal Injury Trust?
Advantages 1. Protection of Means-Tested Benefits 2. Protection of Assets 3. Flexibility and Control 4. Peace of Mind Disadvantages 1. Costs 2….
What is a Trust?
A trust is a legal arrangement that allows money, property, or other assets to be managed on behalf of someone else. It provides a…
What is a personal injury trust account?
A personal injury trust account in the UK is a special type of bank account used to hold compensation received for a personal injury…