A trust is a relationship where a property is managed by a person for another person’s benefits. The person who is managing the property is called the trustee whereas the person who receives the benefits is called the beneficiary.
There are different types of trusts. One type of trust is a special needs trust, which is a trust that is created to help people with chronic illness, physical, and/or mental disabilities. There are three types of special needs rusts. The first type of a special needs trust is a first-party trust, in which the trust contains funds that belong to the person with the special needs. The second type of special needs trust is the third-party trust, in which the trust contains funds that belong to different people other than the person with the special needs. Lastly, the third type of special needs trust is a pooled trust, in which the trust holds funds from different beneficiaries with special needs.