How do I set up a trust fund for my great granddaughter since she is only 2 years old?

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How do I set up a trust fund for my great granddaughter since she is only 2 years old?

I don’t want her to be able to take out anything until after high school graduation. I cannot trust her mother for any of this. So can I set anything up like this so it will be safe for her?

Asked on April 9, 2013 under Estate Planning, Michigan

Answers:

Adam Zuwerink / West Michigan Law, P.C.

Answered 8 years ago | Contributor

You can certainly go through an attorney and set up a trust that would control when and how your granddaughter would receive the money. But you can also go to a bank and set up an account for her under Michigan's Uniform Transfer to Minors Act. This will protect the money until she turns 18. Most banks will know how to set up these accounts and can give you more details.

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

Yes. Are you contmeplating a trust in which you can fund with an account you control?  You are advised to obtain the assistance of an estate planning attorney to set up a plan that you control but one that will accomplish yopur objective for the long term re your daughter.


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