Fill and Sign the Family Special Needs Trust Form

- 1 - FAMILY SPECIAL-NEEDS TRUST IRREVOCABLE TRUST AGREEMENT dated this _____ day of ________, 20___ between __________________________________________ ("Grantor") residing at _____________________________________________________________________________________ and __________________________________________ ("Trustee") residing at _____________________________________________________________________________________ . ARTICLE 1: CREATION OF TRUST 1.1 Trust Property. The Grantor hereby establishes an irrevocable trust and assigns, conveys, transfers and delivers to the Trustee (as hereinafter named) the property described in Schedule A (the "Trust Property") attached hereto and the Trustee accepts such property as the initial Trust estate. The Trust Property shall be administered and distributed upon the terms and conditions set forth herein. 1.2 Additions to Trust. Grantor or any other person or entity may from time to time transfer additional property to the Trustee to be added to the Trust Property upon the terms of this Trust Agreement. ARTICLE 2: MANAGEMENT AND DISPOSITION OF TRUST ESTATE 2.1 It is Grantor's primary concern in drafting this Special Needs Trust that it continue in existence as a supplemental and emergency fund to public assistance for ______________________________ (the "Beneficiary"), throughout his/her life. There exists living needs such as travel, entertainment, and outdoor recreation which public benefit programs for the disabled do not provide. It is vitally important the Grantor's child have these programs and enrichments in order to maintain a level of human dignity and humane care. If this Trust were to be invaded by creditors, subjected to any liens or encumbrances, or cause public benefits to be terminated, it is likely that the Trust corpus would be depleted prior to _______________ death, especially since the cost of care for developmentally disabled persons is high. In this event, there would be no coverage for emergencies or supplementation for basic needs. The following Trust provisions should be interpreted in light of these concerns and Grantor's stated intent as Grantor is fully aware that the assets of this Trust are insufficient to independently provide for Beneficiary's basic care. This trust is specifically designed to supplement and not supplant the benefits of any public assistance programs to which Beneficiary is or will be entitled. These programs include, but are not limited to, Supplemental Security Income (SSI), Medicaid and Medicare, Federal Social Security Disability Insurance (SSDI) or other programs funded by the local county, state, or federal government which offer rehabilitative or other services.
• • (iii) in the future to be determined by the granter, it can be determined the extent and nature of any other public benefits that could be available to the beneficiary as a result of this trust. 8(i) the beneficiaries also have the right of petitioning the court to have the trust transferred in whole or in part. Such petition must set forth an affidavit attesting to the sufficiency of assets to satisfy the assets of the trust with proceeds from such transfers of trust property to be made in an amount equal to the value of any trust obligation and interest accrued on its trust obligations for each of these fiscal years. The trustee is not obligated to make trustee payments. In the event the trust ceases to be in need of support and the trust estate is insufficient then the trust deed will be amended to provide for the transfer of any part or all of the trust asset. It is anticipated that the ultimate beneficiaries will be able to provide adequate health, housing and medical care for their children, grandchildren and relatives. The granter also has the right of survivorship with respect to the surviving children of the trust. Article 3: termination of trust upon the death of the settler or the grantor, the trust fund shall be deemed to be a trust in the name of the settler's estate and beneficiary has the same right to dispose of any trust fund of the settlor's estate or any trust fund of beneficiary's estate as the settler had over the trust property. Article 4: terms and conditions of trust and administration the granter understands that the trust is to be administered and administered only in his/her will, pursuant to the rules and procedures established by the state trust authority, and that the trust deed will be executed only in the name of the beneficiary or as trustee. The granter understands that certain actions may be taken by the trustee and the granter and their agents without the consent of the settler or other person(ies) as set forth in, and pursuant to this trust agreement the trust deed(s) will not provide for, any of the same rights or remedies with respect to the trust property, or any beneficiary thereof, as would be had if the trust were properly executed by one or more of the settler's heirs. The granter understands that the trustee and his agents and employees must observe the rules and procedures of the state trust authority in administering the trust but that this trust agreement shall be liberally construed and that no right, privilege or remedy under the Illinois or