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.
Oregon 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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Under the rules of the UTMA, the assets belonging to the minor are controlled by a ?custodian? until the minor reaches a specified age. The parent will decide in his or her will the age at which the funds must be transferred from the custodian to the child, but can choose only an age between 18 and 25.
Age of Majority and Trust Termination StateUGMAUTMAOregon2121Pennsylvania2121Rhode Island2121South Carolina18N/A49 more rows
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
The 2001 Oregon Legislature changed the Oregon Uniform Transfer to Minors Act (the Oregon UTMA), ORS 126.805 to ORS 126.886, to allow custodial accounts established for minors to last until age 25.
Section 12.110 - Actions for certain injuries to person not arising on contract; action for overtime or premium pay; action for professional malpractice; effect of fraud or deceit; action for injuries to person arising from nuclear incident (1) An action for assault, battery, false imprisonment, or for any injury to ...
Key benefits of an UGMA/UTMA Unlike college savings plans, there is no penalty if account assets aren't used to pay for college. Once the minor reaches adulthood, the money is turned over to the minor and the minor will have full control of the assets and can use them for any purpose?educational or otherwise.
Construct, repair, alter or otherwise improve buildings or other structures on real property in which the trust has an interest, demolish improvements, raze existing or erect new party walls or buildings on real property in which the trust has an interest, subdivide or develop land, dedicate land to public use or grant ...
Section 130.650 - UTC 801. Duty to administer trust (1) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in ance with its terms and purposes and the interests of the beneficiaries, and in ance with this chapter.