How do you start a scholarship fund?

Scholarship Fund. I want to know in the state of CA, What do I need to do to start a viable college fund.?

• I need to know what I need to file. Do I need a Bank Account. Etc. The more details the better.

• Answer:

  I'm a little confused by your question: are you asking how to start a "college" fund, one that will help pay for your college education? Or are you asking how to start a "scholarship" fund? If it's the latter, a fund you want to establish to give scholarships to applicants to attend college, your best bet is to consult with an attorney. The legal questions surrounding scholarship funds are many. A "college" fund can be set up by yourself, simply by opening a bank or credit union savings account and depositing any extra money you have there, for use when you attend college. If you are under age (18 in most states), most institutions will require an adult co-signer to open the account. There are also "college" funds known as "529 Plan" funds; these must be established by an adult, "for the benefit of" the child, since they involve the purchase of stocks, bonds, mutual funds, etc., which children cannot do. Hope this explanation helps.