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how do i approach this plan?

I suggest you take your question to the Paying for College board. Don't get hung up on the trust aspect. That's why you pay a lawyer. Your question is whether it's better to have the money in the child's name, your (or a trust's--same difference) name, or perhaps, a 529 tuition plan.

On a strictly "life doesn't always play out the way we think it will" front, I wouldn't put it in the child's name since once the child reaches majority (s)he can blow it on Twinkies if the mood strikes.

Phil
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