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Trust law is extremely complicated and state laws vary. You should always consult with an attorney who specializes in trust law when contemplating a trust. Trusts must conform to IRS regulations and so a trust expert knows tax law also. A trust needs to be tailored to your particular needs and situation. An improperly drafted trust can be costly to fix later on and can only be fixed by a judge. You should arrange a consultation with a trust attorney.

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Q: How do you set up trust account for grandchildren?
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FBO means "for benefit of." In banking, an FBO trust is an account typically set up as a donation account for the person whose name the account is in.


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You can put it into a trust account owned by an attorney; you can set up a trust of your own and open an account in the name of the trust, with a trustee's name; you can use the money to capitalize a new corporation of which you're the only shareholder and then deposit the money in the corporate account, among other ways.


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You can if you are 18 and your parent(s) set up an account with your name already and decided to give that trust fund over to you. Some parent(s) don't give that child anything. If you don't have a trust fund in your name then it is best to have a job. How are you going to fund that checking account without a job?


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How do you find if a trust fund still exists that your grandfather set up for you when you were born but you were never contacted when he died?

If your grandfather's estate was probated you could go to the court and examine the probate file. You should examine the inventory for bank accounts and also examine the will for any mention of accounts or trusts that were set up for grandchildren. However, a trust may not show up at all in the estate. Check with the attorney who handled the estate. You could also ask your parents if they remember any more details about the trust fund. If they know the name of the law firm that represented him in life, or his bank, perhaps someone there could help you. His attorney may have a copy of a trust instrument. If there was a trust fund set up then there was also a trustee.