My special needs trust refers to someone called a settlor but my friend's trust has a grantor. Are these roles diffe...Read more
In most states, there is no prohibition on a parent/legal guardian serving as trustee of a special needs trust. However, some states require that such a trustee be bonded. In order to qualify for a bond (an insurance policy that refunds money to the trust if the trustee steals the funds), the trustee must have excellent credit. Because of this requirement, many parents may not qualify for a bond. Depending on the amount of assets to be placed into the trust, a professional experienced in managing special needs trusts might be a better trustee. For more information about selecting a professional trustee, click here and here.