Kansas Trust Agreement between Insituform Southeast Corp. and Trustee

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-176
• Format: Word; Rich Text

Description

17-176 17-176 . . . Trust Agreement under which corporation will establish and fund an irrevocable trust for payment of liabilities and expenses arising out of or relating to claims or legal proceedings to which a director or officer is made party or threatened to be made party by reason of his position with corporation or any of its subsidiaries

A Kansas Trust Agreement is a legal document that establishes the terms and conditions under which property or assets belonging to Insituform Southeast Corp. are held and managed by a trustee. This agreement outlines the responsibilities and obligations of both parties involved, ensuring that the assets are protected and managed in accordance with the specified instructions. The primary goal of this agreement is to safeguard the interests of Insituform Southeast Corp. and ensure proper management of its assets. Some key elements typically included in a Kansas Trust Agreement between Insituform Southeast Corp. and Trustee are: 1. Parties: The agreement will clearly identify and specify the roles and responsibilities of both parties involved. Insituform Southeast Corp. will be referred to as the granter, while the trustee will be named explicitly. 2. Assets: The agreement will detail the nature and scope of the assets that are being transferred to the trustee. This may include real estate properties, financial investments, intellectual property, or any other form of valuable assets owned by Insituform Southeast Corp. 3. Trust Purpose: The agreement will state the specific objectives and purposes of establishing the trust. These may include investment growth, asset protection, charitable donations, or estate planning. 4. Trust Terms: This section will elaborate on the duration and conditions of the trust. It may specify whether it is a revocable or irrevocable trust, outline any termination clauses, or indicate any circumstances under which the trust may be modified or amended. 5. Trustee Duties: The agreement will outline the trustee's responsibilities and fiduciary duties towards the trust and the granter. These duties usually include asset management, record-keeping, reporting, tax compliance, and acting in the granter's best interests. 6. Compensation: If applicable, the agreement may address trustee compensation, discussing the fees or commissions to be paid to the trustee for their services, as well as any reimbursement for reasonable expenses incurred in the trust administration. 7. Successor Trustee: In case of the trustee's incapacity, resignation, or death, the agreement will name a successor trustee who would step in and continue administering the trust without disruption. Different types of Kansas Trust Agreements between Insituform Southeast Corp. and Trustee may include: 1. Revocable Living Trust: This agreement enables Insituform Southeast Corp. to retain control over the trust assets during their lifetime, allowing them to modify or terminate the trust if needed. 2. Irrevocable Trust: This type of agreement transfers ownership of the assets completely to the trust, restricting Insituform Southeast Corp.'s ability to make changes. It is often used for tax planning, asset protection, or charitable purposes. 3. Special Needs Trust: This agreement ensures the financial security and well-being of a beneficiary with special needs, while preserving their eligibility for government benefits. 4. Charitable Trust: Designed for philanthropic purposes, this agreement enables Insituform Southeast Corp. to donate assets or income to a charitable organization while potentially obtaining certain tax benefits. In conclusion, a Kansas Trust Agreement between Insituform Southeast Corp. and Trustee is a legally binding contract that establishes the terms and conditions for the management of assets owned by Insituform Southeast Corp. Various types of trust agreements exist, each serving different purposes such as estate planning, asset protection, or charitable giving. These agreements play a crucial role in safeguarding the assets and ensuring their proper administration in accordance with the granter's wishes.