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.
A Florida Trust Agreement to Hold Funds for Minor resulting from a settlement of a personal injury action filed on behalf of a minor is an important legal document that ensures the protection and appropriate handling of financial funds received on behalf of a minor as a result of a personal injury lawsuit. This agreement serves to safeguard the minor's interests and guarantee that the funds are managed and used in their best interest until they reach adulthood. There are two main types of Florida Trust Agreements commonly used for this purpose: 1. Irrevocable Trust Agreement: In this type of trust agreement, the funds received from the settlement are placed in an irrevocable trust, which means that the terms and conditions cannot be altered or revoked without the consent of the court. The trust is managed by a trustee appointed by the court or named in the agreement. The trustee has the responsibility to disburse the funds for the minor's benefit, such as medical expenses, educational costs, and living expenses, in accordance with the terms of the trust. 2. Structured Settlement Trust Agreement: In a structured settlement trust agreement, the funds are typically placed in an annuity or similar financial instrument that guarantees periodic payments to the minor over a specified time period. This type of agreement provides a steady income stream for the minor, ensuring financial stability for their future needs. Keywords: Florida Trust Agreement, hold funds for minor, settlement, personal injury action, filed on behalf of minor, protection, financial funds, minor's interests, management, adulthood, irrevocable trust agreement, trustee, court, disburse, medical expenses, educational costs, living expenses, structured settlement trust agreement, annuity, periodic payments, financial stability.A Florida Trust Agreement to Hold Funds for Minor resulting from a settlement of a personal injury action filed on behalf of a minor is an important legal document that ensures the protection and appropriate handling of financial funds received on behalf of a minor as a result of a personal injury lawsuit. This agreement serves to safeguard the minor's interests and guarantee that the funds are managed and used in their best interest until they reach adulthood. There are two main types of Florida Trust Agreements commonly used for this purpose: 1. Irrevocable Trust Agreement: In this type of trust agreement, the funds received from the settlement are placed in an irrevocable trust, which means that the terms and conditions cannot be altered or revoked without the consent of the court. The trust is managed by a trustee appointed by the court or named in the agreement. The trustee has the responsibility to disburse the funds for the minor's benefit, such as medical expenses, educational costs, and living expenses, in accordance with the terms of the trust. 2. Structured Settlement Trust Agreement: In a structured settlement trust agreement, the funds are typically placed in an annuity or similar financial instrument that guarantees periodic payments to the minor over a specified time period. This type of agreement provides a steady income stream for the minor, ensuring financial stability for their future needs. Keywords: Florida Trust Agreement, hold funds for minor, settlement, personal injury action, filed on behalf of minor, protection, financial funds, minor's interests, management, adulthood, irrevocable trust agreement, trustee, court, disburse, medical expenses, educational costs, living expenses, structured settlement trust agreement, annuity, periodic payments, financial stability.
