Trust Services Frequently Asked Questions

Legal and Financial issues can be difficult to navigate on your own. Here are some answers to some frequent questions we get, however, we are here to help you. Please contact us with any questions about your specific circumstances.


    • Does Life’s WORC need to be named guardian of the beneficiary in order to use a Life’s WORC
      No. While some of the people for whom Life’s WORC has been appointed guardian are also
      beneficiaries of a trust administered by the Life’s WORC , there is no requirement for such an
      arrangement. In many cases, a family member is the legal guardian of the person while Life’s
      WORC serves as the trustee of that person’s financial property.


    • If a gift is made to a Life’s WORC trust, can additional money or property be added at a later
      Yes. If third parties (friends or relatives) wish to make gifts to the trust for someone, they must
      use the Life’s WORC Third Party Trust to do so. Funds can be added to this account at any time
      by third parties.


    • Who can contribute to a Life’s WORC trust on behalf of a trust beneficiary?
      Only funds that belong to the person with disabilities can go into the Self-Settled (First Party)
      Trust. These funds can be added or transferred by the legal guardian, the authorized
      representative or the POA with legal authority to transfer funds to a trust for the person’s


    • What is the minimum opening deposit to set up an account with Life’s WORC trusts?
      The trustees will accept any funding amounts of $500 or more for Self-Settled (First Party)
      Pooled Trusts. Third Party Pooled Trusts require a minimum deposit of $10,000 and Surplus or
      Excess Income accounts can be funded with a minimum of $300 . Individual SNT’s can be
      funded starting at $100,000.


    • Can property be given to any Life’s WORC trust?
      Yes, tax-exempt securities and even certain types of personal property, such as works of art or
      real property, can be given to the trust subject to approval by trustees.


    • Can the Life’s WORC Self Settled Trust or First Party Supplemental Needs Trust be designated
      as the beneficiary of a life insurance policy for the benefit of a person with disabilities?
      No. This should be left to the Life’s WORC Pooled or Individual Third Party Supplemental Needs


    • What items can be paid for using trust funds?
      See the policy guidelines for paying trust funds, on behalf of a beneficiary. [link to policy


    • Who manages the Life’s WORC trust?
      Life’s WORC and our current fiduciary partners, Key Private Bank are co-trustees of Life’s WORC
      trusts. The trust advisory committee, a group of knowledgeable individuals, who may be
      attorneys, financial planners, other professionals and parents of individuals with disabilities, has
      been appointed by the Life’s WORC board of directors to oversee the trust. They work in
      partnership with the seasoned team of investment managers at Key Private Bank, which has
      extensive experience managing individual and pooled trust funds.


    • What assurance is there that the income and principal will be payable for the benefit of only
      the person whom the trust is for?
      The ultimate responsibility for payment made for each beneficiary rests with the trustees. The
      trustees, however, may rely on guidance from the guardian or advocate of the beneficiary (if
      one is appointed) to determine the needs of the person. All principal is invested prudently to
      ensure the availability of funds to the beneficiaries.


    • Are the trustees required to file any accountings?
      An annual financial accounting of the trusts is submitted to the board of directors of Life’s
      WORC. This accounting is audited by a certified public accountant selected by the board of
      directors of Life’s WORC. The administrative trustee may also file accountings and reports to
      government agencies including; Department of Social Services, Social Security Administration or
      the court as requested.


    • Who receives the monthly reports of the beneficiary’s accounts?
      Every month a bank statement is mailed showing all transactions for that month. This
      statement is sent to one or more of the following: the beneficiary, their legal guardian, the
      party designated on the trust application or joinder agreement including the representative
      agency providing services.


  • My question isn’t addressed here. What should I do?
    Contact Life’s WORC with any additional questions regarding trusts.

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