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.
Guam 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 protect and manage monetary awards or settlements received by a minor as a result of a personal injury lawsuit. This trust agreement ensures that the funds are used for the benefit and well-being of the minor until they reach a certain age or meet specific milestones. Keywords: Guam, trust agreement, hold funds, minor, settlement, personal injury action, filed on behalf of minor. Different types of Guam Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor may include: 1. Revocable Trust: This type of trust allows the granter to make changes or revoke the trust terms during their lifetime. It provides flexibility but does not provide as much asset protection as an irrevocable trust. 2. Irrevocable Trust: In an irrevocable trust, the granter transfers assets to the trust, relinquishing ownership and control. Once established, the terms of the trust cannot be changed without the consent of all beneficiaries involved. 3. Special Needs Trust: This trust is designed to provide for the unique needs of a minor with disabilities resulting from the personal injury. It ensures that the settlement funds do not disqualify the minor from receiving government benefits like Medicaid or Supplemental Security Income (SSI). 4. Spendthrift Trust: A spendthrift trust restricts the beneficiary's access to the trust assets and protects them from creditors' claims. This type of trust ensures that the settlement funds are managed responsibly for the minor's needs. 5. Education Trust: An education trust focuses on using the settlement funds to cover the minor's educational expenses. It provides for tuition, books, supplies, and other necessary costs related to the minor's education. 6. Support Trust: A support trust provides for the basic support and maintenance needs of the minor. It covers expenses such as housing, food, clothing, and healthcare. Overall, the Guam Trust Agreement to Hold Funds for Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of Minor aims to safeguard the monetary settlement obtained by a minor for their well-being and future needs. The specific type of trust selected will depend on the individual circumstances and goals of the minor and their guardians.
