How do you set up a trust fund for a child?


A trust fund a great way to ensure the safe and secure future of your child even after you are gone. There are two types of trust funds that you can set up: one is trust fund in which you can decide on the amount of money that will go the child every year; and, the second type is one in which the money will be accessible only when the child becomes an adult. Consult a lawyer to draw up a will that will dictate the amount of money and assets that will go to the child.
Q&A Related to "How do you set up a trust fund for a child?"
1. Name the trust after your child. Choose a trust name that isn't too lengthy. For example, "Bobby Smith Trust" is less cumbersome than, "The Bobby Jason Smith Trust
1 Determine whom you will name as trust beneficiaries. You may choose any beneficiary you like, including a parent, child, grandchild, friend, business associate, or charity. You
You should hire an estate attorney or financial consultant to set up a trust fund.
I would love to comment, but it's hard to add to Alan Patricof's explanation (see link below)... I STRONGLY urge you to read this before you start.
2 Additional Answers Answer for: how to set up a trust fund for a child
How to Set Up a Child Trust Fund
The Child Trust Fund is a UK government initiative designed to help children and their parents save for their future and give the child a better start to their adult life. Each child born after September 1 2002 and whose parents claim Child Benefit will... More »
Difficulty: Moderate
In setting up a child’s trust fund, first find a suitable trustee of the fund until the child is 18years, old enough t withdraw money. The parent, grandparent or guardian may then decide when to set up the fund: whether while alive or after they have passed away.
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