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 being allocated to the trust. The establishment of the trust can occur upon agreement between 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 beneficiary, can access these funds upon reaching the age specified in the trust, or at the age of 18 if no age is established.

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 trust serves its intended purpose. This legislation aims to provide a structured financial support mechanism for children while ensuring their best interests are prioritized.