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
There’s nothing more unsettling than fearing the financial security of your family, especially if you’re the breadwinner. After your demise, you can never be sure if your
On the death of the surviving parent, a child would have the opportunity to "disclaim" his or her interest in the trust. A disclaimer must generally be made within a certain
It is called a special needs trust and should be set up by an elderlaw attorney (most of them do work for. the disabled as well as the elderly). Check the avvo lawyer directory to
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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