Term Definitions

Beneficiary is an eligible person for whom an individual trust account has been established.

Disbursement is a withdrawal of funds from an individual trust account

Disbursement plan is a plan submitted at the time of enrollment that identifies the goods or services most likely appropriate to supplement the needs of the beneficiary.

Disposition plan is a plan submitted at the time of enrollment that directs how any remaining private funds will be disbursed from the individual trust account upon the death of the beneficiary.

Individual trust account is the account that holds assets for the beneficiary.

Joinder Agreement establishes the primary donor’s consent to invest funds according to the master trust document; includes the disbursement and disposition plans for the individual trust account; and designates the primary representative and additional people authorized to request disbursements.

Master Trust Document establishes and defines the operation and guidelines of the Developmental Disabilities Endowment Fund (dba Life Opportunities Trust); and governs individual trust accounts. Separate master trust documents apply to the Trust I, Third Party Trust and the Trust II, Self-Settled Trust.

Matching funds refer to money that the state contributes to individual trust accounts, based on program requirements.

Primary donor is the person who sets up an account for a beneficiary, and submits and signs the Joinder Agreement.

Primary representative is the person authorized to request disbursements, receives account statements and is named in the Joinder Agreement as the person the Governing Board and/or Trust Manager may communicate with regarding a beneficiary’s interests.

Vested account is an individual trust account that has initially qualified for matching funds by meeting requirements over a 3-year period.