You can start a trust with a minimum investment of $1000 or $50 if you are committed to monthly contributions. Setting up additional trusts for other people is available. The price to set up a trust is $499 and for other people – $199. The fee includes the documents prepared by a lawyer. Our estimate shows that if you contribute regularly, by the time your child reaches 45%, the trust could be worth $315 000 thanks to compounding.
Your children are able to withdraw the money for their college education. If they are not keen on pursuing an education past high school, they can not draw from the trust until they are 40 years old, been married for 3 years, or medically disabled at any age. We recommend that you place a stipulation in the documents that when your kids have their own children, a small amount will be pulled from the existing trust to set up a trust for each of their children, and so on.