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.
An Oregon 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 serves to protect and manage funds awarded to a minor as a result of a personal injury lawsuit. This agreement ensures that the minor's best interests are represented and that the funds are preserved and used for their benefit until they reach adulthood. Keywords: Oregon Trust Agreement, Hold Funds, Minor, Settlement, Personal Injury Action, Filed on Behalf. There are different types of Oregon Trust Agreements that can be used to hold funds for a minor resulting from the settlement of a personal injury action. Some of these include: 1. Irrevocable Trust Agreement: This type of trust cannot be altered or revoked once it has been established. It provides a high level of protection for the minor's funds and ensures that they are managed and used appropriately until the minor reaches a specified age or milestone. 2. Revocable Trust Agreement: Unlike an irrevocable trust, a revocable trust can be amended or terminated by the granter (the person creating the trust) during their lifetime. This type of trust provides more flexibility but may also present some potential risks or challenges. 3. Third-Party Special Needs Trust Agreement: This trust is designed to provide for the financial needs of a minor with special needs resulting from a personal injury. It aims to preserve the minor's eligibility for government benefits while supplementing their care and support. 4. Court-Supervised Trust Agreement: In certain cases, the court may require the establishment of a trust to hold funds for a minor resulting from a personal injury settlement. This type of trust is subject to court oversight to ensure that the funds are appropriately managed and utilized for the minor's benefit. Regardless of the specific type of trust agreement used, the goal remains the same: to safeguard the minor's funds and ensure they are used for their well-being and future needs. This legal document is crucial in maintaining financial security and stability for a minor who has been awarded compensation due to a personal injury.
