Can set up a trust fund myself?

UPDATED: Nov 2, 2011

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Can set up a trust fund myself?

My parents passed away a few years ago and my guardian at the time who is still taking care of my younger siblings hasn’t set up our trust fund. I was wondering if I could just go ahead and do it myself? I am now 19 years old.

Asked on November 2, 2011 under Estate Planning, Texas


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can try to establish the trust for yourself and your siblings, however the problem arises is the fact that you are probably not named as the trustee or the guardian of the assets of the estate of your deceased parents. Unless you are named as such and have access to the assets, you cannot do what you want to do on your own.

I suggest that you have a meeting with the guardian of your siblings to start the process of setting up the trust fund that you write about. The first thing you will need to do is consult with a Wills and trusts attorney.

Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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