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. This form is an example of a trust that is subject to direct court oversight since the initial trust funds resulted from a civil judgment in favor of a minor.
Colorado Trust Agreement for Funds for Recovery of Judgment for Minor
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How to fill out Trust Agreement For Funds For Recovery Of Judgment For Minor?
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Compromise of a Minor's Claim in Colorado is the legal proceeding to finalize and approve a personal injury settlement for a minor. The settlement must be submitted in writing to the court. Everyone acting for the child must sign it.
A minor child represented only by his parents may be bound only if his parents join with other competent persons in execution of the compromise, and if there is no conflict of interest between parent and child.
(1) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
To create a valid trust under Colorado law, the settlor must express an intent to create a trust and have adequate capacity (measured under the same standard applying to wills). Alternatively, a valid trust can be created through authorization provided under a statute, judgment, or decree.
Colorado's trust decanting statute, found in C.R.S. § 15-16-901 et seq . , provides a flexible and streamlined process for decanting trusts in Colorado. The statute allows the grantor or the trustee to decant a trust, provided that the new trust complies with the requirements of the statute.