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.
Kansas Indemnification Agreement for a Trust
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How to fill out Indemnification Agreement For A Trust?
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FAQ
The right to indemnity for a trustee allows the trustee to seek reimbursement for expenses incurred while managing the trust. This means if you are a trustee and face legal claims or financial responsibilities as part of your duties, you can be compensated. A Kansas Indemnification Agreement for a Trust provides clear terms for this right. It ensures that trustees can perform their roles without fearing financial loss.
The trustee cannot grant legitimate and reasonable requests from one beneficiary in a timely manner and deny or delay granting legitimate and reasonable requests from another beneficiary simply because the trustee does not particularly care for that beneficiary. Invest trust assets in a conservative manner.
This means that a trustee has a claim on the trust assets for the debts which it has incurred as trustee. In order to satisfy such a claim, the trustee has a right of indemnity which is secured by an equitable lien on the trust assets.
The trustee can transfer real estate to the beneficiary by having a new deed written up or selling the property and giving them the money, writing them a check or giving them cash.
A beneficiary can override a trustee using only legal means at their disposal and claiming a breach of fiduciary duty on the Trustee's part. If the Trustee stays transparent and lives up to the trust document, there is no reason to override the Trustee.
A trustee may ask a beneficiary to sign a piece of paper indemnifying the trustee prior to making a distribution of trust assets. First, let's talk about what indemnification means? Indemnification is a legal term. It literally means that one person is going to pay for any loss or harm suffered by another person.
Classic Requirements for a Valid TrustCertainty of Intention. The word 'trust' is not necessary to satisfy an indication of intention neither are technical words needed as 'equity looks to the intent rather than the form'.Certainty of Subject Matter.Certainty of Object.
Commonly indemnities limit the liability of the new/recipient trustees to the value of the trust fund at the time of the transfer or from time to time, subject to such onward indemnities being required where there are further distributions or a subsequent change of trustee.
A trustee is personally liable for a breach of his or her fiduciary duties. The trustee's fiduciary duties include a duty of loyalty, a duty of prudence, and subsidiary duties. The duty of loyalty requires that the trustee administer the trust solely in the interest of the beneficiaries.
Modern trust instruments usually confer an express power upon the new trustees to give indemnities; in the absence of that express power, the new trustees could give an indemnity that is enforceable as a matter of contract law.
