A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property. The beneficiary is entitled to the performance of certain duties and the exercise of certain powers by the trustee, which performance may be enforced by a court of equity. Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written declaration of trust which establishes the trust and spells out the terms and conditions upon which it will be conducted. The declaration also names the original trustee or trustees, successor trustees or means to choose future trustees.
Washington Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor A Washington Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor is a legal document that establishes a trust to safeguard the funds awarded to a minor as a result of a personal injury lawsuit. This agreement ensures that the minor's financial interests are protected and that the funds are used for their benefit when they reach adulthood. In Washington State, there are different types of trust agreements designed to hold funds for minors resulting from settlements of personal injury actions filed on their behalf. Some of these variations include: 1. Revocable Living Trust Agreement: This agreement allows for flexibility as it can be modified or revoked by the settler (the party establishing the trust) during their lifetime. It allows for changes to be made to the trust terms as circumstances change. 2. Irrevocable Living Trust Agreement: Unlike a revocable trust agreement, an irrevocable trust cannot be altered or revoked once it is established. This type of trust provides greater asset protection and ensures that the funds are truly protected for the minor's benefit. 3. Testamentary Trust Agreement: This agreement is created through the settler's will and becomes effective upon their death. It allows for the distribution of funds from the settlement to the minor upon reaching a specified age or milestone as set forth in the will. Regardless of the specific type of trust agreement, the fundamental purpose remains the same: to protect and manage the settlement funds on behalf of the minor until they come of age. The trust agreement outlines the responsibilities of the trustee, who is appointed to oversee the management and disbursement of the funds. The trustee must act in the best interests of the minor and comply with the terms and conditions set forth in the agreement. Keywords: Washington Trust Agreement, Hold Funds for Minor, Personal Injury Action, Settlement, Filed on Behalf of Minor, Revocable Living Trust Agreement, Irrevocable Living Trust Agreement, Testamentary Trust Agreement, legal document, asset protection, trustee, manage, disbursement, settler.
