“Pooled Trust” means that the funds from each separate trust are “pooled” for investment purposes only. Each beneficiary has his or her own separate trust sub-account and only that beneficiary has access to his or her subaccount. By “pooling” the funds for investment only, the administrative costs and overhead are reduced because they are shared by all of the trust accounts.
The process for creating an account generally takes 2-3 weeks and includes the following steps:
- Applicant submits a MARC Trust Application and enrollment fee. NOTE: If the trust is being established by a power of attorney or by court order, a copy of the POA or the court order authorizing the funding of the trust is also required. If anyone other than the applicant will be signing the trust document and the applicant has a Will, a copy of the Will must also be submitted.
- The Instrument of Trust Assignment is returned to the applicant’s attorney for review and signature.
- The signed trust document and check to fund the account are submitted to PLAN of MA and RI.
- The Instrument of Trust Assignment is fully executed by an officer of PLAN of MA's Board of Directors.
- PLAN of MA and RI submits new account paperwork and check to Cambridge Appleton Trust, N.A. to establish the trust sub-account.
- PLAN of MA and RI forwards account confirmation materials to applicant's attorney.
- The Service Coordinator assigned to the beneficiary contacts the beneficiary and/or his or her representative to schedule an introductory meeting to review the Disbursement Guidelines and explain how to access trust funds.
The decision to join the MARC Special Needs Pooled Trust is an important one. PLAN of Massachusetts and Rhode Island cannot provide legal advice. We recommend that you consult an attorney knowledgeable about special needs pooled trusts to discuss your specific situation. Please contact us if you have questions or need additional information as you make your decision.
What Our Beneficiaries Say About Us
“Thank you for all of your extra work.”
“I can’t thank you enough for all you do for me.”