{"id":5232,"date":"2021-05-27T11:33:45","date_gmt":"2021-05-27T10:33:45","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=5232"},"modified":"2022-11-07T13:33:53","modified_gmt":"2022-11-07T12:33:53","slug":"set-up-trustfund","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/set-up-trustfund\/","title":{"rendered":"How to Set Up a Trust Fund for your Children"},"content":{"rendered":"\n<p>A few weeks back, people debated on <a href=\"https:\/\/twitter.com\/cowrywise\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a> about the privileges that children get as a result of their parent\u2019s wealth. The conversation (or more like <em>gbasgbos<\/em>) was very interesting. Some were of the opinion that privileges are not enough because children still have a choice to work hard or not. While others were like, \u201cabeg abeg abeg\u201d. Lol!<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-container\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Me o, I don\u2019t have any grass to grace story to sell to anyone. My parents gave me a heavy push and I built on that.<\/p>&mdash; Dr D\u00edp\u00f2 Aw\u00f3j\u00edd\u00e9 (@OgbeniDipo) <a href=\"https:\/\/twitter.com\/OgbeniDipo\/status\/1394683355132829702?ref_src=twsrc%5Etfw\">May 18, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<p>The first reply to this tweet is \u201c<em>This is the part they don&#8217;t tell many people. All they keep saying is, if you can think it, you can achieve it. Alaye koshi.<\/em>\u201d&nbsp;<\/p>\n\n\n\n<p>People really have had \u201c<em>aspire to perspire<\/em>\u201d up to here and I\u2019m only here for the <s>violence<\/s> conversation. ?<\/p>\n\n\n\n<p>If you\u2019re a trust fund kid aka someone whose parent\u2019s influence and affluence got you opportunities more than the average person, it\u2019s ok to acknowledge it. It\u2019s not a bad thing that your parents worked really hard to give you privileges they probably didn\u2019t have as kids.<\/p>\n\n\n\n<p>This article, however, is more focused on those who are working hard to have trust fund kids too. If you\u2019ve ever thought about how to make your child\u2019s life way more comfortable than how you had it at first, then this is for you.<\/p>\n\n\n\n<p>Just before you click off thinking \u201cI am not Dangote, I can\u2019t create a trust fund for my kids\u201d, you need to realize that you do not need to be a billionaire to create your own trust fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is a trust fund?<\/strong><\/h2>\n\n\n\n<p>A <a href=\"https:\/\/cowrywise.com\/blog\/trust-fund\/\">trust fund<\/a> is a legal system put in place to hold assets on behalf of an individual or group. These assets in the trust fund can include real estate, bonds, stocks, money, a company (or any type and combination of assets) and is managed by a neutral third party called a trustee.\u00a0<\/p>\n\n\n\n<p>A person creating a trust is called the grantor while the person you\u2019re creating it for is called a beneficiary. Trust funds are not only for one\u2019s children and can be established for charities or causes you care about.<\/p>\n\n\n\n<p>People usually raise their nose at trust funds because it is believed that the beneficiaries will become entitled children and though that\u2019s possible, this should not hold you back from creating yours. Trust funds are a great way to invest in your <a href=\"https:\/\/cowrywise.com\/blog\/teach-children-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">children<\/a> and literally \u201cgive them the world\u201d as many parents say.<\/p>\n\n\n<div class=\"shortcode-block\">    <div class=\"inhype-postline-block-wrapper\">\n      <div class=\"container\">\n        <div class=\"row\">\n          <div class=\"inhype-postline-block inhype-postline-block-646935 inhype-block clearfix\">\n            <div class=\"owl-carousel\">\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/retirement-planning\/\">Are You Planning for Retirement?<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2018-03-25T15:41:26+01:00\">March 25, 2018<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/retirement-planning\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2018\/03\/16.-Are-you-Planning-Retirement.png);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><a href=\"https:\/\/cowrywise.com\/blog\/saving-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Savings<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/save-as-a-student\/\">9 Ways to Save Money as a Student<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2021-03-24T10:59:40+01:00\">March 24, 2021<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/save-as-a-student\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/save-as-a-student.webp);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n                        <\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n    <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to set up a trust fund<\/strong><\/h2>\n\n\n\n<p>First, as earlier mentioned, a trust fund is a legal entity so there are specific <strong>legal<\/strong> steps you need to take to create one. If you\u2019re the one handling it, it is not a trust fund. A trustee is involved in a trust fund so the grantor can be assured that their desires will be carried out to the letter.&nbsp;<\/p>\n\n\n\n<p>Cue Nollywood movies that show extended family members taking everything from the loved one of a deceased. That\u2019s impossible with a trust fund.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s a basic explanation of how a trust fund works. Let&#8217;s say you\u2019ve had it financially good for a while and realize that no one lives forever, so you want to create a financial softlanding for your children or loved ones.<\/p>\n\n\n\n<p>However, you want something that also doesn\u2019t ruin the lives of these people; wealth can destroy people without any form of accountability. So instead of gifting them everything at once, you meet with a lawyer and set conditions that must be met before certain assets are disbursed. You worked hard for this, so a trust fund allows you to call the shots.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4 easy steps to set up a trust fund<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. Decide who your beneficiaries are and the purpose of the trust fund<\/strong><\/h2>\n\n\n\n<p>Your trust fund can be a combination of assets or you may just want to pass on all your money as an inheritance. The important thing here is to discuss with your lawyer to find out the laws that guide the type of trust fund you\u2019re setting up. This is so that you don\u2019t create one that no one can eventually access due to legal, tax or other issues. Also, it is crucial to determine when the complete transfer of ownership will take place to your beneficiaries. If not legally transferred, you will ultimately remain the grantor and beneficiary. ?<\/p>\n\n\n\n<p>Also determine how the assets will be distributed among your children. Will the \u201cblack sheep\u201d have stricter rules while the \u201cgood kid\u201d <a href=\"https:\/\/www.urbandictionary.com\/define.php?term=Flenjor\" target=\"_blank\" rel=\"noreferrer noopener\"><em>flenjors<\/em><\/a>?&nbsp;<\/p>\n\n\n\n<p>Cue another Nollywood movie with sibling rivalry.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. Decide who your trustee will be<\/strong><\/h2>\n\n\n\n<p>A trustee must be someone you trust and who is in the jurisdiction to actually act as one. This is a very important decision and one you don\u2019t want to choose based on sentiments. If you don\u2019t think someone is qualified to be your trustee, do not employ them as one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Decide how you\u2019ll fund the trust<\/strong><\/h2>\n\n\n\n<p>What is a trust fund without any asset called? Non-existent.<\/p>\n\n\n\n<p>You have to determine what assets you\u2019ll put into a trust fund, how you\u2019ll do that and within what time frame.&nbsp;<\/p>\n\n\n\n<p>As mentioned earlier, the assets in the trust fund can include just one asset or a combination of assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. Legally create the trust fund<\/strong><\/h2>\n\n\n\n<p>After deciding on these major steps stated above, you can now work with your lawyer to create legal documents needed to set up your trust fund. Sign the documents and begin transferring assets into the trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>But my papa no be Dangote or Adeleke but we go dey ok&#8230;<\/strong><\/h2>\n\n\n\n<p>When you set up a trust fund for your children, you&#8217;re ensuring they are taken care of if anything ever happens to you. You don\u2019t have to be on Forbes list or be the richest to provide for your children when you\u2019re are no longer around.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"http:\/\/cwry.se\/blog_signup\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"222\" src=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-1024x222.png\" alt=\"\" class=\"wp-image-4066\" srcset=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-1024x222.png 1024w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-300x65.png 300w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-768x167.png 768w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-1536x333.png 1536w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-2048x444.png 2048w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-360x78.png 360w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-02-150x33.png 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>If you&#8217;ve read up to this part and thought &#8220;well, this is interesting, but I don&#8217;t have children yet.&#8221; <\/p>\n\n\n\n<p>I&#8217;m sure you definitely know someone who does, so remember to share this guide with them so they can plan even better for their kids. ??<\/p>\n\n\n\n<p><strong>RELATED:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/cowrywise.com\/blog\/trust-fund\/\">Trust Fund: Meaning, Types and How it Works<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few weeks back, people debated on Twitter about the privileges that children get as a result of their parent\u2019s wealth. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[134,312],"tags":[255,204,221,286],"coauthors":[463],"class_list":{"0":"post-5232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-money-guides-and-tips","8":"category-money-tips","9":"tag-children","10":"tag-investments","11":"tag-money-management","12":"tag-money-tips"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Set Up a Trust Fund for your Children in 4 Easy Steps<\/title>\n<meta name=\"description\" content=\"Learn the four easy steps you need to set up a trust fund for your children. 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