If you want to set aside money to pay for a loved one’s education, you could set up an educational trust. An educational trust specifies that trust funds are to be used for education (however you want "education" defined, whether it's college, vocational school, full-time, part-time, online, educational travel, etc.). In the trust document, you name a trustee and beneficiaries, and also state how trust money is to be used. When the trust becomes operational, the trustee controls the trust property–and pays for the beneficiary’s education--according to the terms of the trust.
If you would like to talk about setting up an educational trust for your kids, grandkids, nieces, nephews, or others, give us a call at 253.858.5434 to find out how we can be of service. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype.