Setting up a trust fund for your kids
What I want?
I want to put some money away for my children's future. And I want this money to be used for very specific purposes like my children's college education or other live events like having their own children, getting married, etc. I want to set it up with very specific guidelines to limit how they can use the money and when.
How I was doing it before?
In the past I was saving money in different ways. I had some equity I could tap into, I had the 401k that could be used for a few things and I had some savings accounts.
What when wrong?
The house, the 401k, the saving accounts, all went down the drain during a divorce (or any other life event). I now have close to nothing and I'm not saving sh1t because I fear the same thing might happen again. Either that or God knows what.
So my questions are:
Anybody around here has any experience with setting a trust fund for your kids? Any experience in making it divorce proof? Once you set it up, can you add more money to it later (monthly maybe?)? Can this be some sort of investment account that I could manage/invest as I see fit?
I want this primarily for my children's college expenses. I have 2 kids. I want them to use it 50% and 50%. But let's say the boy quits college or never goes, while the girl goes in for the BA and keeps going for the masters or even something higher. Then I would like the girl to use the funds that were initially allocated for the boy (or some). And if there is some money left, I would like them to get it, after a certain age (like after 30 or something like that).
And I also want this to be future proof. If I divorce and later have more kids with a different woman, I want those kids to have equal rights to the trust funds, with equal rules.
Any info would be appreciated... thx