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.
Minnesota 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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As a beneficiary, you have the right to: Receive the distributions outlined in the trust document. Be informed about the timing and method of distributions. Challenge any improper distributions or denials of distributions.
In the case of ignoring the beneficiary, the court intervention could be enough to prod the Trustee to action. If an unresponsive trustee has demonstrated animosity toward the beneficiary that results in unreasonable refusal to distribute assets or has a conflict of interest, the court may remove the Trustee.
The will and the inventory are public information. With a revocable living trust, generally only the beneficiaries of the trust will be informed of the nature and the value of the assets. The important thing is to make sure that all of your property is in the trust.
As a beneficiary, you have the right to: Receive the distributions outlined in the trust document. Be informed about the timing and method of distributions. Challenge any improper distributions or denials of distributions.
MN Probate Accounting Not only are heirs of the estate entitled to know that probate is happening, but they can also demand to know how the estate was handled. It might even be that the executor was required by the state to administer the accountings of the estate to the beneficiaries.