A third type of trust that might be used for a disabled family member is a Pooled Trust. In a Pooled Trust many different disabled individuals place assets in the trust. Each in separate individual accounts, in order to achieve efficiency. A Pooled Trust is like a bank that holds the assets of individual account holder for the individual's benefit.
The trust must be established and maintained by a non-profit association. Upon the death of the disabled individual any excess funds cannot be left to heirs of the disabled person but remains in the Pooled Trust for the benefit of other disabled individuals in the Pooled Trust.
If you have questions regarding estate planning, probate or elder law matters contact us at http://www.ythlaw.com/
The trust must be established and maintained by a non-profit association. Upon the death of the disabled individual any excess funds cannot be left to heirs of the disabled person but remains in the Pooled Trust for the benefit of other disabled individuals in the Pooled Trust.
If you have questions regarding estate planning, probate or elder law matters contact us at http://www.ythlaw.com/
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