trust fund information

[purple2]

What is the name of your state?NY
Hi
Where can I find some very basic information about starting a trust fund for a child, ie, what it is, how it works, how to set one up, what is the minimum investment, who has rights to the $, etc.? Google gives me only info pertaining to the UK, even if I try to exclude those results. I have a basic investment book and it's not in there either.

The children I am referring to are not mine but are relatives, if that makes a difference.

I am interested in starting small savings accts or similar investments that I can add to over the years, but want to ensure the ability to withdraw is limited to the child and only at a certain age.

 

[BlondiePB]

What is the name of your state?NY
Hi
Where can I find some very basic information about starting a trust fund for a child, ie, what it is, how it works, how to set one up, what is the minimum investment, who has rights to the $, etc.? Google gives me only info pertaining to the UK, even if I try to exclude those results. I have a basic investment book and it's not in there either.

The children I am referring to are not mine but are relatives, if that makes a difference.

I am interested in starting small savings accts or similar investments that I can add to over the years, but want to ensure the ability to withdraw is limited to the child and only at a certain age.

Trust attorneys and bank officers are familiar with such accounts. It would be very wise to consult with both. There are many types of trusts for minors, including UTMA (unified transfer to minor account). Should you put the funds in any irrevocable trust for these children and someday need money prior to the age that the funds be turned over to the children, you will not be able to access the money.

 

[shakerbox]

529 Plans

You did not say the intended purpose of these funds. If they are going to be for education, see information on 529 plans, http://www.savingforcollege.com.

These vary by state, but most states allow non-residents to open accounts with them.

Otherwise, follow BlondiePB's advice.