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.
"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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