How do you set up trust account for grandchildren?

Trust law is extremely complicated and state laws vary. You should always consult with an attorney who specializes in trust law when contemplating a trust. Trusts must conform to IRS regulations and so a trust expert knows tax law also. A trust needs to be tailored to your particular needs and situation. An improperly drafted trust can be costly to fix later on and can only be fixed by a judge. You should arrange a consultation with a trust attorney.