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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 118254
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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Kids Monetary Fund After the divorce, what are the options

Customer Question

Kids Monetary Fund
After the divorce, what are the options to create such a fund - for medical and educational (overall) expenditures.
Only one parent to oversee it.
(I know about Student Plus Loan) - it is not what I am looking for.
Submitted: 1 year ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Either parent on their own can open up a trust account under the Uniform Gift/Transfer to minors Act. The parent would be the trustee of the account for the benefit of the child and assets could be put into the account and taken by the trustee only for the use for care and expenses of the children. That is the easiest way. A more complex, but safer way to protect the assets and also control them is to form an irrevocable trust for the minor and have a trustee manage the trust for the minor's needs and benefits. Those are the most common ways of doing this.