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.
The Tennessee Trust Agreement for Funds for Recovery of Judgment for a Minor is a legal document that establishes a trust to protect and manage the funds recovered through a judgment on behalf of a minor. This trust agreement ensures that the funds are used solely for the benefit of the minor and are properly managed until the minor reaches' adulthood. Keywords: Tennessee Trust Agreement, Funds for Recovery of Judgment, Minor, legal document, trust, protect, manage, judgment, benefit, adulthood. There are two main types of Tennessee Trust Agreements for Funds for Recovery of Judgment for a Minor: 1. Revocable Trust Agreement: This type of trust agreement allows the settler (the person who creates the trust) to retain the power to modify or revoke the trust during their lifetime. The funds recovered from the judgment are placed in this revocable trust, and the settler has control over the distribution and management of the funds until the minor reaches the age of majority. 2. Irrevocable Trust Agreement: In contrast to the revocable trust agreement, the irrevocable trust agreement cannot be modified or revoked by the settler once it is established. The funds recovered from the judgment are placed in this irrevocable trust, and the settler relinquishes control over the funds. An appointed trustee manages the trust and ensures that the funds are used exclusively for the minor's benefit until they reach adulthood. Both types of Tennessee Trust Agreements for Funds for Recovery of Judgment for a Minor serve the purpose of safeguarding the funds obtained through a legal judgment on behalf of a minor, ensuring their proper utilization, and protecting the minor's long-term financial well-being.
