A Third-Party PSNT is established by a parent, relative, or friend of the beneficiary, and can be coordinated with an estate plan, insurance policy, or gift.
The most common way trusts are funded is through the Grantor’s will, estate plan, life insurance policy, or employee benefit. The trust can also be funded by a gift, bequest, or inheritance. CCT accepts cash assets for deposit into the trust; no real estate or non-cash assets are accepted. Once funded, the trust is irrevocable.
Once the Grantor completes the Joinder Agreement and other forms, the trust is set up and waiting to be funded. There is no expectation that the account be funded immediately. The account is available to receive funds (cash/check) from any source and at any time. When appropriate it is helpful to notify family members and others about the Beneficiary’s special needs trust account and that funds be directed to the special needs trust with CCT and not given or left directly to the individual (see sample letter).
The funds can be used to pay for expenses that will enhance the quality of life for the Beneficiary. Disbursements can be requested from the trust by a Primary or Secondary Advocate. Bills are paid by check to vendors or reimbursed to the Advocate or in certain circumstances a credit card is made available and funded by the Beneficiary’s trust account.
For more information, see our Disbursement Information Manual.
Third-Party Grantor Vision
The Grantor Vision and Information Form is an opportunity for the grantor to share their vision for how they wish for the trust to be used and additional information about the beneficiary.
Third-Party Remainder Policy
The Remainder Policy determines what happens to the remaining trust funds upon the death of the Beneficiary.
Each Beneficiary’s funds are placed in an individual sub-account. The cash assets from all sub-accounts are then “pooled” together, and are invested and managed by True Link Financial Advisors. True Link Financial Advisors is the investment manager to the Trust, not the individual beneficiaries. True Link Financial Advisors does not provide investment advice or services to the individual beneficiaries of the Trust.
Pooling the funds is intended to reduce administrative fees with the goal of increasing the principal for investment purposes. Account statements are available online and mailed quarterly.
The Beneficiary is someone with special needs for whose benefit the trust was created.
The Advocate(s) is an important part of the Beneficiary’s team and works closely with CCT staff. The Advocate(s) is authorized to make disbursement requests by signing and submitting the Payment Request Form to CCT and may receive confidential financial information about the Beneficiary’s sub-Account.
The Advocate(s) is usually named by the Grantor(s) on the CCT Joinder Agreement (the legal document to join the trust), and may be the Beneficiary, a Guardian, Conservator, Power of Attorney, family member, case worker, friend, and/or someone who is trusted and familiar with the needs of the Beneficiary.
However, CCT has sole discretion to decide what distributions are in the Beneficiary’s best interest and permitted under the terms of the trust, as well as when to share information.
If you have any questions about the process, please don’t hesitate to call our office at 804-740-6930 or email us at info@trustcct.org. Our staff is available to answer your questions Monday through Friday from 9:00 am to 5:00 pm Eastern Standard Time.
Mailing Address:
Commonwealth Community Trust
P.O. Box 29408
Richmond, VA 23242-0408
"CCT has been a blessing to our family. CCT has provided a sense of order, organization, trust, and leadership in helping to provide and protect the well-being of my younger sister. I would recommend CCT to anyone, and I already have." — Dan, Brother and Advocate of a CCT Beneficiary
"I have had nothing but exceptional service from this company, they take their time to help with my needs and make sure I have what I need." — Dustin, Beneficiary of CCT
"With the help of CCT I was able to purchase my Dream vehicle. Emily at CCT was/is a HUGE help! It was a very smooth transaction." — Cathy, Beneficiary of CCT
"CCT made getting the wheelchair equip van we so much needed for our grandson the easiest purchase ever. Thank you CCT!!!" — Grandmother of Beneficiary Kobe
"CCT has been amazing. Very helpful with guiding us through this process." — Rhonda, Mother and Advocate of a CCT Beneficiary
"CCT has been wonderful in serving the financial needs of my grandson. They are always prompt in answering questions and suggesting how we can make something happen for him. He just turned 18 this year and we still plan on using this service." — Nancy, Grandmother and Advocate of a CCT Beneficiary
"CCT has been a blessing to our family. CCT has provided a sense of order, organization, trust, and leadership in helping to provide and protect the well-being of my younger sister. I would recommend CCT to anyone, and I already have." — Dan, Brother and Advocate of a CCT Beneficiary
"I have had nothing but exceptional service from this company, they take their time to help with my needs and make sure I have what I need." — Dustin, Beneficiary of CCT
*Disclaimer Statement: CCT is not a chartered bank or trust company, or depository institution. It is not authorized to accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority.
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