Indemnitors covenant and agree to defend, indemnify and hold harmless, absolutely and unconditionally, the indemnitee from and against any and all damages, losses, claims, demands, actions, causes of actions, costs, expenses, liabilities and obligations of any kind whatsoever, including, but not limited to, attorney's fees in a certain matter.
Connecticut Indemnification Agreement for a Trust
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FAQ
A trust is a legal entity although it does not have legal personality. Because a trust does not have legal personality it requires the authorization of the trustees, as required by the trust deed, to be bound by a contract. However, this does not mean the trust cannot be party to a contract.
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
The Connecticut Uniform Trust Code (CUTC) modernizes Connecticut trust law and establishes a foundation of rules for creating, administering, and terminating trusts. Most rules in the CUTC are default rules that can be changed according to the terms of the trust, but others are mandatory.
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
There are two types of trusts in Connecticut. A revocable living trust is a trust set up by an individual during his or her lifetime that can be completely changed or cancelled (revoked) at any time. An irrevocable living trust, on the other hand, is the second type and is not subject to revision or revocation.
The Connecticut Qualified Dispositions in Trust Act is also part of the new Connecticut Uniform Trust Code. This Act creates a new type of trust available in Connecticut, which is the Domestic Asset Protection Trust (DAPT).
Do I Need a Living Trust in Connecticut? A living trust in Connecticut is an attractive choice for many because it gives total control over assets both during your life and after your death. While you are alive, you handle your assets as you normally would, making all decisions if you have chosen to be the trustee.
Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.
Indemnity/indemnification:A trustee is entitled to reasonable compensation for her services. The amount payable can either come from the trust agreement itself or be fixed by the court (taking into account the trustee's skill level and actual duties performed) or state statute.
Law Against Perpetuities Now, the Act extends the Connecticut's 90 years all the way out to 800 years!
