Legal Question in Wills and Trusts in Florida

Set up a trust to hold those funds, and have someone other than the parents be the Trustee. Be sure that your trust is specific as to how the funds/income of the trust is to be distributed, and who it is to be distributed to. The only issue is the ongoing cost of maintaining the trust, including trustee fees, cost of tax return prep., etc. The trust will need to hold sufficient funds to make it worthwhile.

Put it in a trust. For money reserved for the care of the child, you can have funds distributed to someone other than the grandparents. I suggest you speak with an estate planning attorney. Regards,