by 
F Dubya
ANSWERS: 4
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Trust funds are generally set up to have someone oversee someone else's money. For instance a trust fund for a minor or for a senior citizen. There is an administrator named to oversee the money. This can be a family member, an attorney, or someone else. They have to make an accounting usually to the court of how the money is spent.
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A trust fund is a bank account that is secure not even a creditor can touch. It is usually overseen by a member of family to approve all transactions. Most of the time you may have a administer if your account is thousands, they will assist both you and the oversee. If you own a trust fund you are considered a trustee.
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I am a "trustee" of a Trust Fund (Louisiana) account to shield this money from seizure as a result of an upcoming bankruptcy. I am aware that the money must remain in the trust fund for no less than 1 year. 1.) I would like to know the proper procedure for using a portion of this money for an automobile downpayment, or if the money can be used at all while in the "Trust Account"? and 2.) Is there a proper procedure for depositing money to the Trust fund, while remaining in the 1 year required time frame for protection of seizure as a result of bankruptcy? Please advise. Thank you, PK
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Depends on the kind of trust it is and the provisions included in each trust. Check Amazon.com if you really want to know. Lots and lots of books on trusts.
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