Providing for Grandchildren

Q.1. How can I provide for my grandchildren?

You can set up a trust fund for your grandchildren. There are two types of trust funds. A testamentary trust fund is one in which you leave directions in your will to put assets in a special account after your death. You name a trustee to manage the account and you set the rules as to how it is to be managed. There is also a living trust, called an inter vivos, where you put money for a grandchild into the trust while you are still alive.