A close family member is about to have a baby, and several family members are looking for a way to allow gifts to contribute to the child's eventual education. The twist is: if the child decides (for whatever reason) that they don't want to go to school, or if they don't need that money for school (e.g. they get a great scholarship) , they can still get access to that money when they reach a certain age.
As an off the cuff example, I would think the money could be used exclusively for education until the child turns 25, at which point the full account would be turned over to them.
The family trusts me to administer the account, but I want to make sure that if something happens to me, the intent of the fund will still be honored. The soon-to-be parents are good people, and I trust them (as people), but they do not have a good track record with handling money.
We are likely not talking about a ton of money going into this account. Probably a max of $1000/year if I had to guess. My (very basic!) understanding of trusts is that they require legal help to set up.
Are 529s and trusts the only option for this kind of thing, or are there other options I should be looking into?