establishing account for benefit of nephews

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CarlRandolph

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My sister is currently battling pancreatic cancer and is quickly loosing that battle. Her husband is financially irresponsible so I am looking to protect my three nephews. I would like to set up some kind of account or fund for them that I would be able to control for them without interference of their father. I would also like this account or fund to be open for people to donate to. When my sister passes I would like people to be able to donate to this fund in lieu of flowers. What type of account should I be looking into? Do I need to set up a foundation as a 501 (c) 3? What restrictions would be placed upon me as their uncle? Should there be more than one account, as there are three nephews? The nephews are ages 20, 16 and 11.
Thank you for any advice or guidance you can provide.
 
Go into your bank or credit union-- they will be able to set the account up -- open it up for deposits and restrict withdrawals. This is what they do and they will help you and make sure no one gets the $$ with out your authorization --also making sure if something happens to you, this money if for your nephews.

When you open the account-- you are in charge of it-- and you will list all 3 on the account. You need to state the % of that balance is to be distributed to each of them
 
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