Can set up a trust fund myself?

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 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.


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