Patent ID: 7580877
Filing Date: 2009-08-25
Classification: G06Q

Abstract:
1. A method of creating a trust over a computer network, comprising the steps of: receiving, over the computer network, an electronic request to create a trust from a grantor, the request including identification information regarding the grantor, a trustee, and a beneficiary of the trust, and also an initial funding amount; then operating a server to forward, over the computer network, a draft trust instrument to the grantor; receiving, from the grantor over the computer network, authorization to electronically convey funds from the grantor to a trust account; after the operating step, receiving an electronic confirmation from the grantor over the computer network to establish a trust with funds in the initial funding amount; then storing, in a trust account database and associated with the trust account, information regarding the grantor, the beneficiary, and the conveyed funds; receiving a response from the trustee, over the computer network, comprising confirmation that the trustee accepts trustee responsibilities for the trust; electronically establishing an educational account naming the beneficiary as the beneficiary of the educational account; and responsive to receiving a request from the trustee, over the computer network, to transfer funds to the educational account, electronically transferring funds to the educational account.