Opening and Funding a Trust Sub-Account
Although trust agreements can be completed without professional advice, MSNT strongly encourages consultation with an attorney and financial or tax professionals prior to funding a special needs trust to help determine whether a special needs trust is right for your situation.
It is important to explore whether the trust will accomplish the desired goals and outcomes for the person with a disability and involved family members. It is important that you have the opportunity to ask questions about the terms of the MSNT trust agreement and that you give careful consideration to designation of Co-Trustees and Remainder Beneficiaries and the options for investment directives for the sub-account.
MSNT can help determine which Master Trust is appropriate for your situation, whether a First or Third Party Trust. The trust agreement documents will be provided by MSNT upon request for you to complete and submit for review.
The trust agreements require a series of decision regarding designation of Co-Trustees, Successor Co-Trustees, Remainder Beneficiaries and the investment authority decision. The Beneficiary Background Information Form provides important information to MSNT for proper administration of the sub-account.
MSNT encourages you to contact our office with questions or for assistance as you complete the forms. MSNT staff are also available to review drafts of completed forms and advise of additional information necessary to open a sub-account. All forms must be completed and submitted to MSNT with the minimum deposit to open an inactive or active sub-account.
A minimum deposit of $500 plus the applicable enrollment fee is required to open an active sub-account. A minimum deposit of $200 is required to open an inactive sub-account. For more information on the difference between an active and inactive sub-account, view a more detailed comparison here.
MSNT’s enrollment is $750, which may be reduced for first party sub-accounts based on the amount of the initial deposit and the Beneficiary’s annual income.
Once MSNT receives and reviews the trust agreement, applicable forms, and initial deposit; a sub-account can be opened.