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Allows family and friends to fund a loved one’s future.
A Third Party Trust (also known as a Common Law Trust) is funded by the beneficiary’s family and/or friends, rather than the beneficiary themselves. It can be funded either during their lifetime and/or through an estate plan.
Any person other than the beneficiary can fund this trust during their lifetime and/or through their estate plans.
Family and friends of an individual with a disability can gain peace of mind by providing for their loved one while still preserving the individual’s eligibility for essential, lifelong supports and services. Funds remaining at the death of the beneficiary are distributed according to the trust document to other individuals and/or organizations.