If a ward inherits money or property, or receives a settlement or social security adjustment, how should the lead agency manage the money?
The law states that wards that have funds greater than what is needed for daily maintenance should have a conservator named to handle their funds. Generally, for amounts of $20,000 or more, a special needs trust should be established and a trust manager named to handle the account. The local guardian should review expenditures from the account. For lesser amounts, a conservator may be named to manage the financial affairs of the ward with the goal of maintaining eligibility for public assistance. Reasonable costs for trust management or a financial conservator may be drawn out of the wards funds.
Related Questions
- Paragraph 8.33(d)(iii) of the CPGs allows an agency to direct source property or services where there is ‘an absence of competition for technical reasons’. What does this include?
- If a ward inherits money or property, or receives a settlement or social security adjustment, how should the lead agency manage the money?
- When a ward dies, does the lead agency have to petition the court for discharge?
