Trust Fund!

[FDDOWLING]

Im starting a trust fund for my daughter, Im starting by putting $500.00 in and contributing $100.00 each month. In my mind an irrevocable trust will be the safest way to ensure my daughter security down the line but iv never set one up, and honestly am not sure that its the best option to take. So my question is am i doing the right thing or should I be Doing something different.

 

[t2van]

Depends what the purpose is. But if your just saving, then look at what child saving accounts / options you have.

Trust fund is basically letting someone else have a say over your Childs money until a given time they can have access to it. There are living trusts and death trust funds I think but don't quote me on it. That's it as a basic simple form.

If your putting in $500 and then a regular $100 a month id just be looking at a Childs saving bond or ISA or what ever the equivelant is with you!

Id go and get some advice off the bank or some financial expert and discuss with them what you want to do and they can advise from there.

 

[3hlut]

foundation is better imo and i wouldn't save money in cash.When your daughter grows up this money will be worth like 1/5 or even 1/10
BUT remember you will also have a yearly running cost so a trust or foundation is to expensive for a $100/month

 

[ContentExpert]

Im starting a trust fund for my daughter, Im starting by putting $500.00 in and contributing $100.00 each month.

Don't you have $350,000 left?

 

[Elvlin]

Well if you already have allocation for investment ,than it's good to have trust fund dedicated for your daughter.
If not it's better to put it on investment you can invest on stock. just maksure research the company find safe and secure one. and split your portofolio.

 

[FDDOWLING]

Depends what the purpose is. But if your just saving, then look at what child saving accounts / options you have.

Trust fund is basically letting someone else have a say over your Childs money until a given time they can have access to it. There are living trusts and death trust funds I think but don't quote me on it. That's it as a basic simple form.

If your putting in $500 and then a regular $100 a month id just be looking at a Childs saving bond or ISA or what ever the equivelant is with you!

Id go and get some advice off the bank or some financial expert and discuss with them what you want to do and they can advise from there.

I have reached out to a financial advisor, and am supposed to speak with him in regards to options available. However you may very well be correct and a child's saving bond could be the safest option.

foundation is better imo and i wouldn't save money in cash.When your daughter grows up this money will be worth like 1/5 or even 1/10
BUT remember you will also have a yearly running cost so a trust or foundation is to expensive for a $100/month

I'll have to do some more research.

Don't you have $350,000 left?

I have 350k don't remember saying my daughter did though?

Well if you already have allocation for investment ,than it's good to have trust fund dedicated for your daughter.
If not it's better to put it on investment you can invest on stock. just maksure research the company find safe and secure one. and split your portofolio.

Yea I'd like to invest it for sure I've got a pretty diverse portfolio for myself but I'd for sure like to invest smartly for her as well to give her the best foot forward down the line.