Personal Trusts

Trust beyond the norm.

At Evolve Bank & Trust, we operate in a “client first” environment. And when it comes to personal trusts, we believe in a team approach, working closely with your investment, financial and insurance professionals, accountants, and attorneys to achieve the best possible outcomes for you and your assets.

While this is not a traditional approach, we find this method of “inclusion” provides the greatest benefit to our clients in their daily lives, as well as stressful and uncertain times when continuity, security, and a high level of expertise is needed.

It’s just one part of our commitment to provide a higher standard of service and individualized attention to our clients.


Individual Trusts

Personal Trust Administrative Services include:

  • Personal Trusts (revocable and irrevocable)
  • Irrevocable Life Insurance Trusts
  • Charitable Remainder and Lead Trusts
  • Co-Trustee Services
  • Custodial Accounts for Individuals, Fiduciaries and Corporations
  • Generation Skipping Trusts
  • Insured Deposit Program
  • Estate Settlement Services
  • IRA and IRA Pass-Thru Trusts
  • Asset Protection Trusts

By designating Evolve as Trustee, the following benefits will be provided:

  • Professional knowledge and expertise in the administrative complexities of trusts
  • Professionals with the time, expertise and resources which may provide better results than an individual trustee
  • Regulated and monitored by government agencies and thereby held to a higher standard than individual trustees
  • A perpetual lifespan, while individual trustees must designate successors in the event of death, incapacitation or incompetence
  • Objectivity, reducing pressure on a family

Special Needs Trusts

Millions of families in the United States have at least one family member with special needs.

Special needs include, but are not limited to, disabilities caused by accident or injury such as paralysis, visual and/or auditory impairment, or permanent mental disorders. A Special Needs Trust (SNT) allows a person with disabilities to receive benefits from governmental programs, such as Supplemental Security Income (SSI) and Medicaid while also having another source of funds to pay for additional benefits the government programs do not provide. A properly designed and administered Special Needs Trust will supplement a disabled person’s government benefits, without jeopardizing eligibility for government aid, particularly SSI and Medicaid. This is because federal law allows money to be placed into an SNT and it is not treated as a countable resource for purposes of qualifying for needs based public assistance programs. Special Needs Trusts are authorized by Federal law, at 42 USC §1396p (d)(4)(A).

Types of Special Needs Trusts

Self-Settled Trust

This trust is funded with the disabled person’s own assets. When the beneficiary dies, any remaining funds in the Self-Settled Trust must be used to repay the state for any Medicaid benefits the person received during his or her lifetime. The advantage of this type of trust is that it allows the Trustee to conserve assets of the beneficiary while at the same time immediately qualifying the beneficiary for all public benefits for which the beneficiary can medically qualify. The disadvantage, of course, is that upon the beneficiary’s death any remaining funds will need to be used to pay off the Medicaid lien, and this can conflict with family wishes that the remaining money benefit family members, charities, etc.

Third-Party

This trust is funded with assets from someone other than the beneficiary, such as a parent, and can be created by will, revocable living trust, or as a stand alone trust.  A Third-Party Special Needs Trust cannot hold property belonging to the disabled beneficiary. Such property must be placed in a Self-Settled Special Needs Trust.The benefit of this type of special needs trust is that if funds remain following the death of the disabled person, they are distributed to the remainder beneficiaries.

Basic Rules of Special Needs Trusts

A Special Needs Trust is intended to supplement, rather than replace government benefits. It is vitally important that this type of trust be properly drafted by an experienced attorney. Although requirements may vary according to state law and the type of Special Needs Trust being established, here are some of the rules that apply to Special Needs Trusts in general:

  • Generally, only a parent, grandparent, legal guardian, or court can establish a Special Needs Trust.
  • Funds in the Special Needs Trust may not be available to the disabled beneficiary.
  • The beneficiary cannot revoke the trust.
  • The beneficiary must be considered disabled under SSI criteria.
  • Distributions cannot be made directly to the beneficiary.
  • Special Needs Trusts may be established as part of a will (known as a testamentary trust) or during the creator’s lifetime (known as a living or inter vivos trust).
  • Special needs trusts can hold an unlimited amount of funds. Third-party special needs trusts assets can be added to at any time, while additional funds may be added to a self-settled special needs trust as long as the beneficiary is under the age of 65.

Get started with Personal Trusts

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