Setting Up Trust Funds
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Jared Said:
How do you set up a trust fund for your hamster, and can you, as trustee, use the funds for hammy's benefit?We Answered:
With so many hamsters out there in dire financial need, I think it is selfish of you to set up a trust fund solely for the benefit of your hamster. Instead, you should donate to the National Hamster Trust, that every year helps millions of needy hamsters. You will feel proud that you have contributed to this great cause.Thomas Said:
Setting up a trust account for a child with certain terms and conditions...?We Answered:
Yes, you're thinking is proper. You will also have to address if conditions are not met, where funds will end up.A wise and admirable concern.
Holly Said:
I would like to know, what companies set up trust funds?We Answered:
Companies do not set up trust funds, estate attorneys set up trust funds, and yes you can specify the recipient and appropriate use of the funds in the trust documents.After the attorney creates the legally binding documents, you go to any banking institution and open a trust account with those documents.
Ted Said:
Why do people who believe the Second Coming will happen in their lifetimes set up trust funds for their kids?We Answered:
Haha!!!! GREAT POINT!I personally don't think that it'll happen in any of our lifetimes....so I plan ahead for the future.
But I mean, in reality, there aren't any guarantees for any of us, right?
If those people want to transfer those funds into my account, I'd gladly take them for you.
Carole Said:
There is a trust fund set up to receive when they turn 35 if they pass before then what happens to it?We Answered:
There should be a contingency set up with the trust, if it was done properly. Otherwise, it goes to the estate of the beneficiary, to be distributed according to law. That law is going to vary by state.Heidi Said:
Setting up a Trust fund for a Newborn (not family member)?We Answered:
You would put the account in your name and the child as a beneficiary . as to what kind of an account, thats up to you. i opened an aggressive 529 for my son. it is college savings but he doesnt have to use it for college. if he doesnt use it for college it will get taxed. good luck