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.
Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: Description: The Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor is a legal arrangement designed to protect and manage the funds awarded to a minor through the settlement of a personal injury lawsuit. This agreement ensures that the funds are appropriately invested, preserved, and utilized for the minor's well-being until they reach the age of majority. Keywords: Idaho, Trust Agreement, Funds for Minor, Settlement, Personal Injury Action, Filed on Behalf of Minor Types of Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: 1. Revocable Living Trust: This type of trust provides flexibility and allows for amendments or revocation before the settler's death. It can be used to manage the funds received from the settlement until the minor reaches' adulthood. The settler retains control over the assets during their lifetime. 2. Irrevocable Trust: An irrevocable trust ensures that the funds awarded to the minor are safeguarded and cannot be altered or revoked. The settler transfers the assets permanently, and the appointed trustee manages them for the minor's benefit. This type of trust may offer certain tax advantages and asset protection. 3. Third-Party Special Needs Trust: If the minor has special needs or disabilities, a third-party special needs trust can be designated to hold and manage the settlement funds. This trust preserves the individual's eligibility for public assistance programs by supplementing, rather than replacing, the benefits received. 4. Court-Ordered Trust: In some cases, a court may order the establishment of a trust to hold and administer the settlement funds on behalf of the minor. This type of trust ensures judicial supervision and compliance with all legal requirements. 5. Testamentary Trust: A testamentary trust is created through the minor's will or the will of a parent or guardian. It becomes effective only upon the settler's death, and it can be utilized to manage and distribute the settlement funds during the minor's lifetime or beyond. 6. Pooled Trust: A pooled trust combines the assets of multiple beneficiaries, including minors, into a single trust managed by a non-profit organization. It provides investment opportunities, professional management, and a higher level of oversight for the settlement funds. Regardless of the specific type of Idaho Trust Agreement used, the primary objective remains the same; to ensure the efficient and responsible management of the settlement funds for the minor's long-term financial security and well-being.Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: Description: The Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor is a legal arrangement designed to protect and manage the funds awarded to a minor through the settlement of a personal injury lawsuit. This agreement ensures that the funds are appropriately invested, preserved, and utilized for the minor's well-being until they reach the age of majority. Keywords: Idaho, Trust Agreement, Funds for Minor, Settlement, Personal Injury Action, Filed on Behalf of Minor Types of Idaho Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: 1. Revocable Living Trust: This type of trust provides flexibility and allows for amendments or revocation before the settler's death. It can be used to manage the funds received from the settlement until the minor reaches' adulthood. The settler retains control over the assets during their lifetime. 2. Irrevocable Trust: An irrevocable trust ensures that the funds awarded to the minor are safeguarded and cannot be altered or revoked. The settler transfers the assets permanently, and the appointed trustee manages them for the minor's benefit. This type of trust may offer certain tax advantages and asset protection. 3. Third-Party Special Needs Trust: If the minor has special needs or disabilities, a third-party special needs trust can be designated to hold and manage the settlement funds. This trust preserves the individual's eligibility for public assistance programs by supplementing, rather than replacing, the benefits received. 4. Court-Ordered Trust: In some cases, a court may order the establishment of a trust to hold and administer the settlement funds on behalf of the minor. This type of trust ensures judicial supervision and compliance with all legal requirements. 5. Testamentary Trust: A testamentary trust is created through the minor's will or the will of a parent or guardian. It becomes effective only upon the settler's death, and it can be utilized to manage and distribute the settlement funds during the minor's lifetime or beyond. 6. Pooled Trust: A pooled trust combines the assets of multiple beneficiaries, including minors, into a single trust managed by a non-profit organization. It provides investment opportunities, professional management, and a higher level of oversight for the settlement funds. Regardless of the specific type of Idaho Trust Agreement used, the primary objective remains the same; to ensure the efficient and responsible management of the settlement funds for the minor's long-term financial security and well-being.
