Supplemental Needs Trust

STATUTES:

Minnesota Statutes 501B.89  and 256B.056

Minnesota Statutes 501B.89 and 256B.056 govern Supplemental Needs Trusts.  Supplemental Needs Trusts are trusts established by a third party, typically a family member or friend, to benefit persons with disabilities and provide for their supplemental needs, yet allowing the person to continue to receive government benefits.

Supplemental Needs Trusts are irrevocable, so the trust provisions cannot be changed nor terminated, and the assets may not be withdrawn.

Probate Courts will often require Trustees of Supplemental Needs Trusts to post a bond guaranteeing fiduciary performance of the duties of a Trustee.

Underwriting Requirements: