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A close friend died unexpectedly leaving behind 1-month old newborn son. Can I setup some kind of group account/trust that his friends and family can auto deposit to every month?
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A close friend of mine died this past winter at 27 years old, leaving behind a wife and newborn son. Their financial situation isn't great at the moment and I'm looking for ways to help out.

In this kind of situation, there is almost always an outpouring of support immediately after the death that tapers off as weeks and months go by and people get on with their lives.

My idea to avoid this is to have some kind of auto-debiting savings account or trust that all of his friends and family could deposit into to help support his son and get them on their feet. You would be able to set a recurring monthly amount (i.e, $5 ) and it would automatically get deposited into an account that only the mom had withdrawal access to.

Whats the easiest way to accomplish this?

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10 years ago