A Master Trust for Adults helps administer the recoveries for those receiving lump sums that would otherwise be placed in a bank or investment account. It is designed to provide a competent adult full access to funds or to have an advisor serve as protection against recovery dissipation.
The trust can pay for housing, transportation, medical needs, recreation, equipment and other items and services. It can provide privacy and reduce the likelihood of a person or entity taking advantage of the beneficiary.
A Master Trust for Adults has multiple advantages:
- No trust attorney is needed.
- Trust is established with client signature on the joinder.
- Simple, cost-effective solution with nominal fees.
- The trust can give the advisor full discretion or limit its role to investments and bill payments. Where the advisor has discretion, distributions should be for direct benefit of the client, with small exceptions.
- There is no limit on amount or timing of distributions.
- May be terminated at any time by competent beneficiary.