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 Mississippi Trust Agreement to Hold Funds for a Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of the Minor is a legal document that establishes a trust to protect and manage funds awarded to a minor as a result of a personal injury settlement. This type of trust agreement ensures that the minor's financial needs are met while also safeguarding the funds until the minor reaches a specified age or milestone. Keywords: Mississippi Trust Agreement, Hold Funds, Minor, Settlement, Personal Injury Action, Filed on Behalf of Minor. Different types of Mississippi Trust Agreements to Hold Funds for a Minor Resulting from Settlement of a Personal Injury Action Filed on Behalf of a Minor can include: 1. Revocable Trust: This type of trust can be altered or revoked by the settler (person creating the trust) during their lifetime. 2. Irrevocable Trust: Once created, this type of trust cannot be changed or revoked without the consent of all parties involved. 3. Special Needs Trust: Designed for minors who have special needs or disabilities, this trust helps preserve eligibility for government assistance programs by providing for the minor's supplemental needs without disqualifying them from such benefits. 4. Spendthrift Trust: This trust restricts the minor's access to the funds until they reach a certain age or milestone, protecting the funds against misuse or financial irresponsibility. 5. Testamentary Trust: Created under a will, this trust becomes effective upon the death of the person creating it and can designate a trustee to manage the funds for the minor's benefit. It is important to consult with an attorney familiar with Mississippi trust and personal injury laws to determine the most suitable type of trust agreement for holding funds for a minor resulting from a personal injury settlement.
