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.
Florida Indemnification Agreement for a Trust
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How to fill out Indemnification Agreement For A Trust?
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FAQ
The 2021 Florida Statutes (2) A trustee is personally liable for torts committed in the course of administering a trust or for obligations arising from ownership or control of trust property only if the trustee is personally at fault.
A trustee can be held liable in civil court, but can a trustee be held criminally liable? Yes. A trustee who steals from an estate commits embezzlement, or a criminal misappropriation of funds belonging to a trust. Embezzlement is a serious crime that can result in felony charges.
Trustees must follow the terms of the trust and are accountable to the beneficiaries for their actions. They may be held personally liable if they: Are found to be self-dealing, or using trust assets for their own benefit. Cause damage to a third party to the same extent as if the property was their own.
It helps to remember that a Trust is a separate legal entity. The Trustees and beneficiaries are not personally liable for debts owed by the Trust. The Trustee is acting in a fiduciary capacity.
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.
Yes, a trustee can be held personally liable if they are found to be in breach of duty or breach of trust. The state requires trustees to follow the terms of a trust to the letter.
Some of the most common reasons trusts are invalid include: Legal formalities were not followed when executing the trust instrument. The trust was created or modified through forgery or another type of fraud. The trust maker was not mentally competent when they created or modified the trust.
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.
Taking on the role and duties of a trustee of a sectional title scheme comes with a fiduciary duty to act in the best interest of the body corporate. Failure to do so, or breaching the fiduciary duty can find a trustee personally liable in certain circumstances.
