The Trust is a document that allows a settlor (person providing the funds) to provide money for the use and benefit of a person (beneficiary), but not under the control of the beneficiary. Most Trusts are funded at the death of the settlor by proceeds from the settlor’s life insurance and/or estate.
The Trust is limited in function to provide supplemental benefits to beneficiaries above those provided under federal and state Medicaid programs. Thus, the Trustees have the authority and discretion to provide for the needs of the beneficiary over and above basic maintenance, support, educational, medical, dental, and other services and resources paid for by any local, state, or federal government or agency.
The individual Trust document also provides for a residual beneficiary, who would receive the balance of the Trust following the death of the beneficiary.
The Trust, which can be funded for as little as ten dollars ($10), is individual-specific and all monies are solely used for the beneficiary named in the Trust document.
* (757) 823-1692 *
OFFICE OF CONSUMER RELATIONS