The complex and frequently changing requirements of Special Needs Trust administration makes the selection of a corporate trustee especially challenging. A corporate trustee must possess considerable experience in the maintenance and operation of Special Needs Trusts.<\/p>\n
The Social Security Act, which recognizes Special Needs Trusts, is silent on the type of trustee which may be selected. However, the Rules of Civil Procedure in Pennsylvania require that where an injured party is a minor or incompetent, a corporate fiduciary must be used (Pa. R.C.P, Rules 2039 and 2264). For-profit corporate fiduciaries, such as trust companies and banks, will generally accept accounts valued in excess of $250,000. For accounts less than $250,000, there are non-profit organizations, such as The ARC and PLAN New Jersey, that will accept smaller trust accounts.<\/p>\n
The selection of a corporate fiduciary does not in and of itself guarantee that the Special Needs Trust will be properly managed. There are corporate (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The complex and frequently changing requirements of Special Needs Trust administration makes the selection of a corporate trustee especially challenging. A corporate trustee must possess considerable experience in the maintenance and operation of Special Needs Trusts. The Social Security Act,…<\/span><\/p>\n