What are the duties and responsibilities of a special needs trust trustee?

What are the duties and responsibilities of a special needs trust trustee?

Here is a brief list of the duties and responsibilities of a trustee of a special needs trust: Avoid any activity that conflicts with the purpose of the trust—which is to enhance the quality of life of the beneficiary.

Can a special needs trust have a protector?

Using a Trust Protector. In addition to naming trustees, some special needs trusts name people to serve as “trust protectors” or “advisors” to the trustee on various issues, such as investment strategies or compliance with SSI and Medicaid rules.

What does a trustee do?

The trustee is also tasked with making sure that the level of risk is appropriate for a trust to provide steady growth while still generating some income for the trust. 3. Bookkeeping The trustee is responsible for keeping the trust records and for providing accounts to the beneficiary and sometimes to others.

Does a special needs trust have to have no conflicts of interest?

No Conflicts of Interest. A special needs trust must be managed for the benefit of the beneficiary. This means that the person serving as trustee must not act in his or her own interests—or the interests of others—when making investment or spending decisions.

Where can I find more information about special needs trust?

To learn more about special needs trust, go to the Special Needs Trusts section of Nolo.com. This article was excerpted from Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo) which provides detailed information about a trustee’s job and how to choose the right trustee for your special needs trust.

What does a trustee do when a beneficiary dies?

Terminate the trust, if circumstances warrant doing so. Manage or distribute trust property after the beneficiary dies or the trust is terminated. As you can see, there is a lot on a trustee’s plate.

Or you can find this information in, Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo). To learn more about special needs trust, go to the Special Needs Trusts section of Nolo.com. This article is excerpted from Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo).

What is a Special Needs Trust (SnT)?

A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits. There are two types of SNTs: First Party and Third Party funded. 1. First Party

How do I draft a successor trustee letter for a trust?

And you could also describe how successor trustees can prove their authority under the trust, resign as trustee, or appoint a successor trustee if all named successors are unavailable. You can draft this letter yourself, or start with the Trustee’s Duties Letter provided in Special Needs Trusts, by Steven Elias and Kevin Urbatsch (Nolo).

When does a trustee have to notify DHCS of a trust?

At trust establishment, the trustee is required to notify DHCS at least 15 days prior to the hearing pursuant to Probate Code Sections 3600-3605 and 3610-3613. Additionally, upon trust termination, the trustee is required to notify DHCS pursuant to Title 22, 50489.9 (d) (2).