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. This form is an example of a trust that is subject to direct court oversight since the initial trust funds resulted from a civil judgment in favor of a minor.
Kansas Trust Agreement for Funds for Recovery of Judgment for Minor
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How to fill out Trust Agreement For Funds For Recovery Of Judgment For Minor?
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SB 243 creates law concerning requirements and procedures for a person having legal custody of a minor to enter into a settlement agreement without court approval on behalf of the minor when the settlement is less than a net amount of $25,000.
Any minor under the age of 21 who is found to possess, consume, obtain, purchase or attempt to purchase alcoholic liquor or a cereal malt beverage can be charged with what is commonly known as ?Minor in Possession (M.I.P.)?, a Class C misdemeanor. Sometimes this is also referred to as a ?Minor in Consumption (M.I.C.)
Most notably, this statute allows for a minor's claim under the threshold of $35,000.00 to be settled by the minor's custodian, or parent, without court approval.
Negligence: personal injury claims for negligence (most car accidents, slip and fall injuries, premises liability claims, etc.) have a statute of limitations of two years from the date of injury.
A minor's compromised claim is a procedure to allow an adult to sign on behalf of a child, so the child may receive funds awarded in a legal action.
Those under the "age of majority," who are also legally known as minors, are considered incapable of making such decisions in the eyes of the law. The state of Kansas recognizes the age of majority as 18, with some exceptions.