This bill allows for a portion of child support payments, specifically up to 10 percent, to be placed in an irrevocable trust for the benefit of the child. This arrangement can be established upon the agreement of the parties involved in a matrimonial action or civil union dissolution, or after a judgment of divorce or dissolution. The trust is designed to ensure that the child, who is the basis for the support payment, is named as a beneficiary, and the funds will be accessible to the child upon reaching the age of 18 or another age specified in the trust terms.

Additionally, the bill grants the court the authority to amend the trust terms as necessary based on changing circumstances and to appoint a special fiduciary if the trustee fails to act in good faith. The trustee is required to administer the trust with undivided loyalty to the beneficiaries, ensuring that the child's best interests are prioritized. This legislation aims to provide a structured financial support mechanism for children while ensuring accountability in the management of the trust.