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.
Texas 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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Sec. 114.087. INSTRUMENT NAMING TRUST AS PARTY. (a) Provides that the trustee of a trust is considered for all purposes to be the named party to an instrument that names the trust as a party to the instrument in any capacity, unless the trust is a legal entity under state law.
Section 114.007 - Exculpation of Trustee (a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that the term relieves a trustee of liability for: (1) a breach of trust committed: (A) in bad faith; (B) intentionally; or (C) with reckless indifference to the interest of ...
Texas: A person, other than a beneficiary, who holds a power to direct with respect to a charitable trust is presumptively a fiduciary. - TEX. PROP. CODE § 114.003(c).
Section 114.008 - Remedies for Breach of Trust (a) To remedy a breach of trust that has occurred or might occur, the court may: (1) compel the trustee to perform the trustee's duty or duties; (2) enjoin the trustee from committing a breach of trust; (3) compel the trustee to redress a breach of trust, including ...
Professional trustees typically charge a flat fee or a percentage of the trust assets, ranging from 0.5% to 2% annually.
(f) A person who acts in reliance on a certification of trust without knowledge that the representations contained in the certification are incorrect is not liable to any person for the action and may assume without inquiry the existence of the facts contained in the certification.
In 2005, the Texas Legislature enacted Texas Property Code Section 113.060 that imposed on trustees a duty to keep beneficiaries reasonably informed concerning the trust's administration and ?the material facts necessary for the beneficiaries to protect [their] interests.?