What is a pooled trust?

A pooled trust is a type of trust that is specifically designed to help protect an individual’s financial assets. Pooled trusts are regulated differently from traditional trusts and provide an alternative way to manage finances for people who are elderly and have special needs. In the state of North Dakota, the pooled trust is regulated by their Elder Law office. The pooled trust is managed by a non-profit organization, such as a bank, that pools assets from individuals who are elderly or who have special needs. This pooled trust fund is then managed by a trustee, who creates individualised trusts for each beneficiary. Funds in the trust can be used to cover costs related to healthcare or other needs, but the trustee oversees how the resources are managed. The pooled trust is beneficial because it allows people to retain their eligibility for government benefits, without having to worry about income limits or asset limits. In addition, funds from the trust can also be used to pay non-covered expenses, like recreational activities and home repairs. Pooled trusts allow the elderly and those with special needs to live comfortably and with greater financial security.

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What is a pooled trust?

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