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 New Hampshire Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of a Minor is a legal document that outlines the establishment and management of a trust to protect and preserve funds awarded to a minor as a result of a personal injury lawsuit. This type of trust agreement is specifically designed to ensure that the minor's settlement funds are used appropriately and safeguarded for their benefit until they reach a specific age or milestone, usually when they turn 18 or 21. It provides a framework for the appointed trustee to manage the funds, make investments, and distribute funds for the minor's education, medical expenses, and general welfare while ensuring the funds are not misused or depleted prematurely. The New Hampshire Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of a Minor may involve different variations depending on the specific circumstances and requirements. Some possible types or variations could include: 1. Supplemental Needs Trust: This type of trust is established to provide for the future needs and expenses of a minor with special needs resulting from a personal injury. The funds in this trust can be used to cover additional care, therapies, and equipment beyond what governmental benefits may provide. 2. Education Trust: This trust focuses on ensuring that the minor receives the necessary financial support for their education, including tuition fees, books, supplies, and related expenses. It may also allow for financial support for vocational training or higher education. 3. Healthcare Trust: This type of trust primarily aims to cover the minor's medical expenses, including doctor visits, hospital stays, medications, therapies, and assistive devices. It provides continuous access to quality healthcare without depleting the settlement funds. 4. Maintenance Trust: A maintenance trust provides funds for the daily upkeep and maintenance of the minor, covering expenses such as clothing, food, housing, and general living expenses. Its purpose is to ensure that the minor's basic needs are met. 5. Blended Trust: In some cases, a combination of different trust types may be utilized to address various needs of the minor. For instance, a trustee may create a trust that includes elements of both a supplemental needs trust and an education trust to cover different aspects of the minor's life. It's important to note that these trust agreements may vary in terms of specific provisions and requirements, depending on the laws of New Hampshire and the unique circumstances of each personal injury case. It is advised to consult with an attorney experienced in trust law and personal injury settlements to ensure that the trust agreement is properly drafted and meets all legal requirements.
