Question Summary:
my husband and i have only one child(daughter) so far who is 5 years old,i would like to know if it is possible for him to make up a trust fund for my daughter…

Question Detail:

1.my husband and i have only one child(daughter) so far who is 5 years old,i would like to know if it is possible for him to make up a trust fund for my daughter,if Allah wills and when we do have more children can they be added to the trust as well.we do not want to give it directly to her in case we have more children and will not be able to give them all equal.
2.can i be added as a heir to the trust fund also?

Answer :

In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
1)You have stated that you have a question pertaining to inheritance. However, it appears from the query that you intend opening a savings for your child.  Therefore, we will address both issues.
If you open a savings for your child, the fund will be in the ruling of hadya (gift).Therefore, if you open the fund on your daughter’s name, she will become the sole owner of the fund.  
الفتاوى الهندية - (ج 4 / ص 374 مكتبة رشيدية)
أما ما يرجع إلى نفس الركن فهو أن لا يكون معلقا بما له خطر الوجود والعدم من دخول زيد وقدوم خالد ونحو ذلك ولا مضافا إلى وقت بأن يقول وهبت هذا الشيء منك غدا أو رأس شهر كذا في البدائع
As for the issue of inheritance, a testamentary trust is usually made up for this purpose. This fund is usually taken out in order to avoid inheritance taxes. In Islam, a person possesses his wealth only during his life. Upon demise, his entire estate transfers to his heir. Therefore, it is a condition that you draw up the trust in conformity with the Shariah law of Succession. An clause to this effect will suffice.
2)  Since the ownership will be that of your daughters in the first case, and that of the founders in the second, you may be added as an heir and inherit according to your allotted share in Shariah. A pious Scholar should be appointed to distribute the funds in accordance with Shariah. Since you are merely added in order to receive the amount which you are entitled to, this will not fall under the prohibition of bequeathing for an heir.
And Allah knows best
Wassalam
Ml. Ismail Moosa,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah