Quora Answer: What Can be Done to Ensure My Child Receives His Trust Fund Money?

The following is my answer to a Quora question: “What can be done to ensure my child receives his trust fund money?”

I am assuming you are the settlor, and you are setting up a trust for your child.  It is important to have a good trustee.  There should be more than one, preferably an odd number, and they should not be related or associated with each other. For example, getting a husband and wife to be your trustees is not a good idea.  If you cannot find such people, you may hire a bank or a legal firm to manage the fund.  The downside is that they would likely cost more than the trustee fees for a person as a trustee.  In any case, a trust is filed with a trustee’s office or equivalent where you are, and it is not easy for a fund to be plundered.  There is oversight.  As part of trust management, you should also have provision for an independent audit, with the audit report accessible to the beneficiaries and their guardians.