This bill allows for a portion of child support payments to be placed in an irrevocable trust for the benefit of the child, with a maximum of 10 percent of the total support amount. The court can order this arrangement upon agreement of the parties involved in a matrimonial action or civil union dissolution. The trust is designed to ensure that the child, who is the basis for the support payment, is established as a beneficiary, and the trust assets will be accessible to the child upon reaching 18 years of age 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 maintaining oversight and flexibility in the management of the trust.