Salem, WI asked in Estate Planning and Probate for Illinois

Q: Can my ex husband and I we setup a bank account (trust fund) for our daughter who we share 50/05 custody?

My ex husband and we will be receiving a lump sum amount for a settlement. It will be split 3 ways our child is a minor and would like to setup a account where both parents would need to be present to be able withdraw funds and show proof for what it would be used for. If our child whether is a vehicle school and etc. I wanna make sure my child has her funds for when she needs it and have full access once she turns 21 . My ex husband is the custodial parent but we legally (our divorce) have 50/50 custody of our daughter. I wanna make sure my daughter is protected for her future.

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1 Lawyer Answer
T. J. Jesky
T. J. Jesky
  • Chicago, IL
  • Licensed in Illinois

A: In the question itself, I think you meant to say 50/50 not 50/05.

What's the difference if it's you ex or stranger, you are setting-up a trust account for your daughter.

It seems she will be the beneficiary of the Trust. It all comes down to the Trust Agreement to protect

the interest of your daughter. Let me suggest you see a Trust attorney to set-up a Trust than benefits

your daughter were the settlors (you and your ex) are unable to touch or distributed the monies in their favor. It sounds like this requires co-trustees, where two signatures are required for any distribution.

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