Legal Question in Family Law in Virginia
how to set up a fund for grandson
son paseed recently. people are eager to contribute to a fund that I would like to administer for my grandson until he is 21. This is a college fund. Unfortunately, son was not married to grandson's mother. Mother does not manage monies well. No will left. My only child. there might also be monies coming in from some entertainment sources
1 Answer from Attorneys
Re: how to set up a fund for grandson
If you set up the fund and others contribute to it, the mother would not necessarily have to have any access to the fund. You could manage it for the benefit of your grandson. Any account to hold the funds would have to have a tax ID number, so it would be helpful if your grandson has a Social Security number. The fund could be set up as a Uniform Gifts to Minors Act account to which he would have access only at age 21.
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