Beneficiary Designation

1. Inter Vivos (lifetime) Deposits into CCT Third-Party Sub-Account:

If anyone wishes to deposit funds into a CCT Third-Party sub-account, please make the check payable to:

Commonwealth Community Trust Third-Party Pooled Special Needs Trust for the benefit of [BENEFICIARY NAME]

OR

CCT 3P PSNT f/b/o [BENEFICIARY NAME]

2. Specific Bequest by Will or Trust to CCT Third-Party Sub-Account:

When the plan is to leave a specific or residuary bequest to a third-party pooled special needs trust with CCT, please consider the language below.

a. Specific Bequest

If [BENEFICIARY NAME] survives me, then I give and bequeath the sum of $_____________ to Capital First Trust Company, Trustee, or its successors, of the Commonwealth Community Trust Third-Party Pooled Special Needs Trust for the benefit of [BENEFICIARY NAME], to be administered pursuant to the terms of the Commonwealth Community Trust Third-Party Pooled Special Needs Trust Master Trust Agreement.

b. Residuary Bequest

If [BENEFICIARY NAME] survives me, then I give and bequeath ____% of the rest and residual of my [Estate / Trust Fund] to Capital First Trust Company, Trustee, or its successors, of the Commonwealth Community Trust Third-Party Pooled Special Needs Trust for the benefit of [BENEFICIARY NAME] to be administered pursuant to the terms of the Commonwealth Community Trust Third-Party Pooled Special Needs Trust Master Trust Agreement.

c. Notes:

CCT cannot accept real property, including homes or real estate. Any Trustee or Executor must be given the authority to sell any real property and transfer the sales proceeds to the sub-account.

When incorporating CCT into an estate plan, we are always happy to review wills and trusts for compliance with CCT policies.

3. Beneficiary Designation to Transfer Account or Insurance Policy Proceeds to Third-Party

Sub-Account:

When naming the third-party sub-account as the recipient of life insurance policies, Qualified Plans (retirement plans), investment accounts, etc.

Capital First Trust Company, Trustee, or its successors, of the Commonwealth Community Trust Third-Party Pooled Special Needs Trust for the benefit of [BENEFICIARY NAME]

OR

In instances where there is insufficient space on the beneficiary form:

CCT 3P PSNT f/b/o [BENEFICIARY NAME]

Please note that there may be income tax implications as a result of naming a third-party sub-account as the beneficiary of a Qualified Plan or tax-deferred investment account or annuity. Please consult with a tax professional before changing beneficiary designations.

When naming a third-party sub-account as the beneficiary of Qualified Plans, please also check the primary and contingent successor beneficiaries to ensure that the eligible designated beneficiary can have the longest possible time to withdraw funds from the Qualified Plan.

When incorporating CCT into an estate plan, we are always happy to review the beneficiary designations for compliance with CCT policies.

This suggested language is provided for illustrative purposes for attorneys only, and not meant as legal advice to any person. Attorneys should review and revise the suggested language to meet the needs of their clients and incorporate the state and federal law in effect at that time. Persons who are not attorneys should consult an attorney regarding incorporating a CCT sub-account into their estate plan.



Using Pooled Trusts as a Safety Net

Pooled special needs trusts provide an essential safety net in estate plans. Attorneys who draft estate plans must expect the unexpected—a client’s unforeseen disability, a fiduciary who becomes ill, a contentious relationship between the beneficiary and the fiduciary, or assets that are depleted below the corporate fiduciary’s minimum. By including additional authority in documents, attorneys-in-fact, executors, and trustees can react to unforeseen circumstances and create and fund pooled special needs trusts for clients and their loved ones without the need for court involvement.