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.
Maine Indemnification Agreement for a Trust
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How to fill out Indemnification Agreement For A Trust?
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FAQ
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.
To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
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.
Trustees can engage in fraud when they deceive either the trust's settlor or beneficiaries as to the true nature of a specific transaction.
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.
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.
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.
A trust agreement is a legal document that allows the trustor to transfer the ownership of assets to the trustee to be held for the trustor's beneficiaries. Trust agreements are created for many reasons: Allow your trustees to avoid probate.
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.
Who is Indemnified? Indemnity clauses can only be made between two parties; the indemnifier and the beneficiary of a contract. Indemnity will only extend to the person or company that is listed as a beneficiary in the written agreement (including any person mentioned in the third-party rights clause).
