Mental health trust
Mental Health Trust is a type of trust that is specifically designed to cater to the needs of individuals with mental illness. These trusts are often established by family members or loved ones of the individual with mental illness, with the aim of providing financial support and care for the individual.
Overview[edit | edit source]
A Mental Health Trust is a legal arrangement that allows a third party, known as a trustee, to hold assets on behalf of a beneficiary or beneficiaries. In the case of a Mental Health Trust, the beneficiaries are individuals with mental illness. The assets held in the trust can be used to pay for the beneficiary's medical and living expenses, as well as any other costs associated with their care.
Purpose[edit | edit source]
The primary purpose of a Mental Health Trust is to ensure that individuals with mental illness have access to the financial resources they need to manage their condition. This can include funding for therapy, medication, and other treatments, as well as living expenses such as housing and food.
Types of Mental Health Trusts[edit | edit source]
There are several types of Mental Health Trusts, including:
- Special Needs Trust: This type of trust is designed to provide for the needs of a person with a disability without affecting their eligibility for government benefits.
- Supplemental Needs Trust: This type of trust is similar to a Special Needs Trust, but is specifically designed to supplement the government benefits that a person with a disability receives.
- Discretionary Trust: This type of trust gives the trustee full discretion over how the trust's assets are used.
See Also[edit | edit source]
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