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Trusts |
| A trust is a fund created by
one person, the
Trustor, for the benefit of another, the Beneficiary. The trust is managed
by a Trustee according to directives set forth in the trust document.
Trusts have obvious advantages for many people, but for beneficiaries who
have disabilities, the development of a carefully structured trust can
mean the difference between care which only meets minimal needs and a
future abundant with personal services, recreational benefits, and other
extras which public support cannot provide. The creation of a trust
affords a future with the security that the beneficiary will not be
totally dependent on the vagaries of public entitlements.
There are many types of trusts. The following describes the more common
trusts managed by Guardianship Services of Seattle.
A Special Needs Trust is typically created by
a parent to meet the
needs of a disabled family member. The trust can be created and money
contributed to it while the parents are alive (inter vivos or
"living trust") or established by a will
(testamentary trust). The trust preserves funds and gives the trustee
flexibility to meet training, medical, recreational and other needs of the
disabled person over and above what would otherwise be provided by the
government. It protects the person's
eligibility for public support and prohibits the invasion of trust assets
by anyone except the trustee for any purpose.
Settlement Trusts are often created by the court with the proceeds
from a personal injury suit. A settlement trust function very much like a
special needs trust. It protects government entitlements for which the beneficiary
maybe eligible. The trustee has the necessary technical expertise to
carry out administrative and investment duties of the trust. As trustee,
GSS consults closely with the family to provide input on specific needs of
the beneficiary, spending matters and investment priorities.
In its management of trusts, GSS adheres to the highest
fiduciary standards. We
strive to match investment planning with the circumstances and preferences
of the individual, and to manage all investments in a prudent and
conservative manner. |
       
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