How Do I Get Money Out Of My WisPACT Trust?

We’ve talked before about what a WisPACT Trust is, the different types, who is eligible for a WisPACT trust, and how to set up one of these trusts. Now that you may have a WisPACT trust created and funded, clients routinely ask, “How do I get my money out of the trust?” or “How do I get WisPACT to pay for things?”

It is important to remember that no matter whether it is a first-party WisPACT trust or a third-party WisPACT trust, WisPACT can only pay for or reimburse someone for expenses that benefit the beneficiary directly. These distributions are never made directly to the beneficiary. Instead, they are made to the store or service provider where the item is being purchased, reimbursed to a third-party who paid for the good or service, or paid towards a credit card statement.

When a beneficiary or third-party would like to request a distribution, there are a couple ways they can do so. One of the easiest ways is to use the Request for Distribution Form available on WisPACT’s website. This form is completed and may be faxed, emailed, or mailed to WisPACT for its consideration. It is important to submit any supporting documentation with the Form, including any receipts or proof of purchase. WisPACT will use this information to determine whether it can make the distribution out of the beneficiary’s account.

Another way to request a distribution is to contact the assigned beneficiary specialist. The beneficiary specialist can assist those involved with submitting the appropriate documentation to request a distribution. One option that the beneficiary specialist may recommend is to use a TrueLink card. This is similar to a prepaid debit card, but it is authorized to be used at a specific location for a specific amount as authorized by WisPACT.

Here are some links to learn more about the Request for Distribution Form and the TrueLink card:

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Ali primarily practices in the areas of estate planning, estate settlement, and elder law matters. She also assists clients with residential real estate transactions. Ali has a desire to help clients through difficult times, which fueled her interest in becoming an estate planning attorney.

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