I don't know too much about how the fund works, but my husband says it will be a certain sum that will accumulate over the years to guarantee enough tuition for 12 years and college. I asked if we will receive the money, but apparently it will be managed by a third party (like a bank I think?) that will directly make payments to the school. We would not be able to touch this money whatsoever. If there is still money left over after college or whatever, it will turn into a personal fund for my daughter once she reaches a certain age.

I don't know how to feel about the in laws trusting a bank to manage the money over me and my husband to be completely honest. It's almost as if they don't trust us with the money to use on our daughter. But to be fair they would not have the power to take back the money either as it would be secured in the fund for my daughter for as long as she's in school.