About Life's WORC Trusts

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 fund administered by the Life’s WORC trust, there is no requirement for such an arrangement. In many cases, a family member is the guardian of the person while Life’s WORC serves as a trustee of the property.

If a gift is made to a Life’s WORC trust, can additional money or property be added at a later time?

Yes. The person with disabilities may add money or property to the funds at any time. If third parties (friends or relatives) wish to make gifts to the trust, they must use the Life’s WORC Third Party Trust.

Who can contribute to a Life’s WORC trust on behalf of a trust beneficiary?

Only funds from the person with disabilities go into the Self Settled Trust. However, as long as the minimum funding requirements are met, anyone can give or leave money for the benefit of the person with disabilities in the Third Party Trust.

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 Trusts. Third Party Trusts require a minimum deposit of $10,000 and Surplus Income Trusts or excess income accounts can be funded with $300 minimum.

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 Third Party Trust.

What items can be paid for using trust funds?

See the policy guidelines for paying trust funds (including surplus income funds), on behalf of a beneficiary.

Who manages the Life’s WORC trust?

Life’s WORC and 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 in the areas of individual and pooled trusts.

What assurance is there that the income and principal will be payable for the benefit of the person with a disability?

The ultimate responsibility for payment to 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 must also file accountings and/or reports to designated departments of Social Services, Social Security or authorized 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 submitted to the guardian of the person or each beneficiary or, if no guardian has been appointed, to such relative of the beneficiary as the trustees shall designate, or the agency providing services.

My question isn’t addressed here. What should I do?
Contact Life’s WORC with any additional questions regarding trusts.