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 can occur upon the agreement of the parties involved in a matrimonial action or civil union dissolution, or after a court judgment. The trust is designed to ensure that the child, who is the basis for the support payment, is established 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 is not fulfilling their duties in good faith. The trustee is required to act solely in the best interest of the beneficiaries, ensuring that the trust is managed appropriately. This legislation aims to provide a structured financial support mechanism for children while maintaining oversight and flexibility in the management of the trust.