I didn't know who else to ask so I thought someone on here might know. I want to set up an account at the bank for the boy that I mentioned in the prayer requests a few days ago.

What is it called...a trust fund? How do I go about getting it set up? I've heard of people setting up accounts before but don't know anything about it. Any details on this would be greatly appreciated. TIA

By Cocoabutter on Saturday, September 1, 2007 - 03:47 pm:

Do you mean an account that anybody can donate to?

I am sure that if you go into your bank and explain what you want to do, that an account representative would be able to help you and set up an account.

If you want to get people to donate money, I would call the local news stations and the local newspaper as well and let them know that there is an account set up for donations at this bank.

It's such a sad and tragic accident and you are such a good person to want to help this family through their hard time.

By Ginny~moderator on Saturday, September 1, 2007 - 04:22 pm:

Definitely talk to your local newspaper. It is entirely possible that some other people have the same idea, and newspapers often set up trust funds for such purposes. If there is a church in the family's neighborhood, they may be aware of any fundraising efforts already planned.

Banks will usually require a minimum amount to set up a trust fund, and take a percentage for managing/administering such a fund. Often you need to have a court approve the fund when a minor is involved, because there are often restrictions on how funds intended for a minor can be used.

The more I think about it, the more I'd think seriously about talking to nearby churches to see if the family is a member there, and making a donation to the church for the specific purpose of being used for the boy and/or his family. I know my church has a fund specifically for the pastors to use for individual personal needs of members and people in the community.