How to 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 to 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
Good question.
1. Decide what type of Trust you want to set up. There are many different kinds of Trusts that are named specifically for what they are intended to accomplish. [1] For example, Trusts
Unless you are rich or terminally ill, a trust fund for your kids is not a good idea. Rich people use them to be able to pass money to their children tax free. (It is completely legal
1 Additional Answer
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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