Yes, the trust can receive gifts, bequests, and inheritances from relatives or friends who choose to direct funds to the Beneficiary’s Third-Party Pooled Special Needs Trust. This allows for an efficient and cost-effective way for family members to avoid having to prepare separate special needs trusts, since anyone can name the Beneficiary’s trust with CCT in their estate plan or will. It is important that family members be notified that the Third-Party Pooled Special Needs Trust has been established and that funds should be directed to the trust with CCT and not directed to the individual.
Once the Third-Party Pooled Special Needs Trust is set up, checks can be made payable to the Trust Company of Virginia (TCVA) and sent to CCT for deposit into the Beneficiary’s account. The Beneficiary’s name, and account number if available, should be included on the check to ensure funds are deposited to the correct account.