Is there an alternative to a trust fund if I want to leave a child money? I want to have monies dispursed in a monthly set amount, but would also like there to be flexibility in the event more monies would needed outside of the monthly set amount!
1 Answer from Attorneys
Depending on the circumstances, there may be other way of getting more flexibility in distribution amounts left for a minor. Trusts can also be configured in various ways to allow for changed circumstances and needs of the minor. Some of the factors to consider are who might be acting as trustee, the age of the minor and the amount being considered. If the amount is small, it is important to limit the expenses necessary for administration of the fund, so that more remains for distribution to the beneficiary. The planning considerations can be narrowed by the priorities of the donor who is providing the funds.