A Secure Financial Future Starts Here
Here are some answers to some frequent questions we get, and forms you may need to utilize. Of course, we are always here to help. Please contact us with any questions about your specific circumstances.
Frequently Asked Questions
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 benefit.
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 Trust.
What items can be paid for using trust funds?
See the policy guidelines for paying trust funds, on behalf of a beneficiary.
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?
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.
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.