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.
Description: A Wake North Carolina 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 after a personal injury case. This agreement ensures that the awarded funds are held in trust until the minor reaches the age of majority. Keywords: Wake North Carolina, trust agreement, hold funds, minor, settlement, personal injury action, filed on behalf of minor Types of Wake North Carolina Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: 1. Wake North Carolina Irrevocable Trust Agreement for Minor: This type of trust agreement cannot be modified or terminated without the consent of all involved parties. It offers greater protection for the funds held for the minor. 2. Wake North Carolina Revocable Trust Agreement for Minor: This trust agreement allows for modifications or termination by the granter as long as they are mentally capable to do so. It provides flexibility but may come with certain restrictions. 3. Wake North Carolina Special Needs Trust Agreement for Minor: If the minor has disabilities or special needs, this trust agreement ensures that the awarded funds are used to supplement their governmental benefits without jeopardizing their eligibility. 4. Wake North Carolina Court-Ordered Trust Agreement for Minor: In cases where the court determines that a trust is necessary to protect the minor's interests, a court-ordered trust agreement is established. This ensures that the funds are managed appropriately according to the court's directives. 5. Wake North Carolina Spendthrift Trust Agreement for Minor: This type of trust agreement includes a spendthrift provision, which prevents the minor from selling or assigning their interest in the trust, providing ongoing protection against potential creditors. 6. Wake North Carolina Testamentary Trust Agreement for Minor: This trust agreement is established through a last will and testament, becoming effective only upon the death of the granter. It allows the granter to designate how the funds should be managed and distributed for the benefit of the minor. Overall, these Wake North Carolina Trust Agreements to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor ensure that the awarded settlement funds are protected and managed appropriately until the minor reaches' adulthood.Description: A Wake North Carolina 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 after a personal injury case. This agreement ensures that the awarded funds are held in trust until the minor reaches the age of majority. Keywords: Wake North Carolina, trust agreement, hold funds, minor, settlement, personal injury action, filed on behalf of minor Types of Wake North Carolina Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor: 1. Wake North Carolina Irrevocable Trust Agreement for Minor: This type of trust agreement cannot be modified or terminated without the consent of all involved parties. It offers greater protection for the funds held for the minor. 2. Wake North Carolina Revocable Trust Agreement for Minor: This trust agreement allows for modifications or termination by the granter as long as they are mentally capable to do so. It provides flexibility but may come with certain restrictions. 3. Wake North Carolina Special Needs Trust Agreement for Minor: If the minor has disabilities or special needs, this trust agreement ensures that the awarded funds are used to supplement their governmental benefits without jeopardizing their eligibility. 4. Wake North Carolina Court-Ordered Trust Agreement for Minor: In cases where the court determines that a trust is necessary to protect the minor's interests, a court-ordered trust agreement is established. This ensures that the funds are managed appropriately according to the court's directives. 5. Wake North Carolina Spendthrift Trust Agreement for Minor: This type of trust agreement includes a spendthrift provision, which prevents the minor from selling or assigning their interest in the trust, providing ongoing protection against potential creditors. 6. Wake North Carolina Testamentary Trust Agreement for Minor: This trust agreement is established through a last will and testament, becoming effective only upon the death of the granter. It allows the granter to designate how the funds should be managed and distributed for the benefit of the minor. Overall, these Wake North Carolina Trust Agreements to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor ensure that the awarded settlement funds are protected and managed appropriately until the minor reaches' adulthood.
