New York Indemnification Agreement for a Trust

• Category: Trusts - Indemnification
• State: Multi-State
• Control #: US-0777-WG
• Format: Word; Rich Text

Description

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. New York Indemnification Agreement for a Trust is a legal document that outlines the terms and conditions under which a trustee can be indemnified for any liabilities, losses, damages, and expenses incurred while fulfilling their duties and responsibilities. This agreement is specifically designed to provide protection and financial assistance to trustees, ensuring that they are reimbursed for any costs they may incur in the course of their trustee duties. In New York, there are a few different types of Indemnification Agreement for a Trust that may be used, depending on the specific circumstances: 1. Standard Indemnification Agreement: This is the most common type of indemnification agreement used for trusts in New York. It provides a comprehensive framework for indemnifying trustees against any potential claims, losses, or liabilities arising from their actions as a trustee. 2. Limited Scope Indemnification Agreement: In certain situations, trustees may require limited indemnification to cover only specific actions or activities. This type of agreement may be used to define the extent of indemnification provided to the trustee. 3. Retroactive Indemnification Agreement: Sometimes, trustees may require indemnification for actions taken before the agreement was established. A retroactive indemnification agreement can be used to address such situations, ensuring that trustees are protected for their past actions. 4. Trustee-Generated Indemnification Agreement: In some cases, trustees themselves may draft an indemnification agreement to specify the terms and conditions for their protection. Although less common, these agreements allow trustees to have a more tailored approach to their indemnification needs. The New York Indemnification Agreement for a Trust typically includes key provisions such as the scope of indemnification, the terms of reimbursement, the procedure for making indemnification claims, and any limitations or exclusions to indemnification. It is crucial for all parties involved in the trust arrangement, including trustees, beneficiaries, and settlers, to thoroughly review and understand the terms of the agreement before signing. Keywords: New York, indemnification agreement, trust, trustee, liabilities, losses, damages, expenses, legal document, protection, financial assistance, reimburse, duties, responsibilities, standard, limited scope, retroactive, trustee-generated, claims, provisions, reimbursement, procedure, limitations, exclusions.

New York Indemnification Agreement for a Trust is a legal document that outlines the terms and conditions under which a trustee can be indemnified for any liabilities, losses, damages, and expenses incurred while fulfilling their duties and responsibilities. This agreement is specifically designed to provide protection and financial assistance to trustees, ensuring that they are reimbursed for any costs they may incur in the course of their trustee duties. In New York, there are a few different types of Indemnification Agreement for a Trust that may be used, depending on the specific circumstances: 1. Standard Indemnification Agreement: This is the most common type of indemnification agreement used for trusts in New York. It provides a comprehensive framework for indemnifying trustees against any potential claims, losses, or liabilities arising from their actions as a trustee. 2. Limited Scope Indemnification Agreement: In certain situations, trustees may require limited indemnification to cover only specific actions or activities. This type of agreement may be used to define the extent of indemnification provided to the trustee. 3. Retroactive Indemnification Agreement: Sometimes, trustees may require indemnification for actions taken before the agreement was established. A retroactive indemnification agreement can be used to address such situations, ensuring that trustees are protected for their past actions. 4. Trustee-Generated Indemnification Agreement: In some cases, trustees themselves may draft an indemnification agreement to specify the terms and conditions for their protection. Although less common, these agreements allow trustees to have a more tailored approach to their indemnification needs. The New York Indemnification Agreement for a Trust typically includes key provisions such as the scope of indemnification, the terms of reimbursement, the procedure for making indemnification claims, and any limitations or exclusions to indemnification. It is crucial for all parties involved in the trust arrangement, including trustees, beneficiaries, and settlers, to thoroughly review and understand the terms of the agreement before signing. Keywords: New York, indemnification agreement, trust, trustee, liabilities, losses, damages, expenses, legal document, protection, financial assistance, reimburse, duties, responsibilities, standard, limited scope, retroactive, trustee-generated, claims, provisions, reimbursement, procedure, limitations, exclusions.