Third-Party And Testamentary Trusts

When a trust is funded with money belonging to someone other than the Beneficiary, we call this type of trust a Third-Party And Testamentary trust. These trusts are different than the trusts used to protect money from personal injury settlements, back SSI payments, and other assets belonging to the Beneficiary. Typically, these trusts are funded by parents or grandparents of the Beneficiary through wills, estates, and life insurance proceeds. These trusts can be funded during the Donor's lifetime or after the Donor's passing.

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