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 Trust?
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 time?
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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Protect your benefits and ensure your future care with a Life’s WORC Trust. We work with you & your family in order to develop the best financial solution for your unique situation.