Resources and Frequently Asked Questions

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.

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.

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 benefit.

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.

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.

No. This should be left to the Life’s WORC Pooled or Individual Third Party Supplemental Needs Trust.

See the policy guidelines for paying trust funds, on behalf of a beneficiary.

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.

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.

The various types of SNTs may have different filing requirements. Accountings are filed based on the specific requirements of NYS Supreme and Surrogates Court, SSA or DSS as appropriate.

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.

Contact Life’s WORC with any additional questions regarding trusts.