Most parents have heard of Educational trusts. The Trust’s mission is to promote academic excellence for all students, and it works to close the achievement and opportunity gaps for black, Latino, and American Indian students. For more information about how educational trusts work, please read this article. Listed below are some of the most common uses for educational trusts. Read on to learn about them, and how they benefit your child. Let us know what you think of them!
Educational trusts are common amongst parents
The terms “settlement agreement” and “trust agreement” refer to both documents when administering an educational trust. The settlement agreement governs the administration of the educational trust by the ACT (Actually Created Trust). The terms of the settlement agreement and trust agreement should match each other. Parents should consider these two documents when creating an educational trust. They should be drafted by lawyers with experience in educational trusts and will help them avoid any unnecessary disputes.
They are a service to the community
The mission of the Ed Trust is to increase academic achievement for all students, regardless of race, gender, or income. The Trust promotes education equity by empowering educators, policymakers, parents, and community leaders to pursue their shared vision of a great education. Through research and analysis, policy and messaging, and legislative and regulatory strategic thinking, the Ed Trust provides a foundation for change. The organization also engages diverse communities and advocates to achieve these goals.
Also Read: The Field of Education
They ensure that a child cannot recklessly spend the money
A child who receives an education fund from a parent can’t recklessly spend the money. It protects the beneficiary from spending the funds without purpose. The trust can specify how the funds are disbursed, how long the money is to be held in trust, and how the money should be used. You should consult a tax professional to determine the appropriate method of disbursement.
They restrict how the money is spent in the event that the child does not pursue higher education
In cases of divorce, the court may award money for post-secondary education, but must consider a number of factors before awarding funds to the custodial parent. Some of the factors considered include the child’s personal preference, cost while the family is intact, and whether there are less expensive options. Here are some examples of situations in which this rule may apply.
They increase college access
The Education Trust works to increase college access and excellence by engaging diverse communities to create change. It also speaks up for historically underserved students. Wil Del Pilar, CEO of The Education Trust, met Sancia Celestin during an advocacy panel. This young woman is president of the F1rst Gen Mason, a group dedicated to helping low-income students attend college. While these two individuals are not typical, they have much in common.