There are many different options to who the trustee may be.  There are different corporations who expertise in financial management as well as law firms or attorneys who specialize on this subject.  In some cases, you may choose to ask a close friend who can also give your child emotional support as his trustee. 

Remember that taking on the position of trustee isn't easy, the laws involving the trustee's liability if anything goes wrong with the trust are quite severe, as well as the fact that managing a trust is time consuming.   Even if you have good friends who are qualified to manage the trust, you must make sure they are really willing to take on the responsibility.

As for the cost of the fund, the trustee is usually given a percentage of the trust's value as payment for managing the trust.  The fee usually depends upon the complexity of the trust and the time needed to handle the assets. 

There are different kinds of trust fund each with their own advantages and disadvantages.  Deciding upon the best option for you, demands specific knowledge about your financial situation and about your aim in establishing a trust fund.

As mentioned, the question of a trust fund is associated with caring for young children.  Even if you are just starting out in life and you don't have many assets yet, it might still be useful to arrange the management of the assets you do have in your possession for the benefit of your young child.

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