Trustees right to be indemnified-trusts laws and accounts, Financial Accounting

Trustees right to be indemnified

Trustees have, however, a right to be indemnified:

1. Out of trust property, for all expenses properly incurred in the execution of the trust e.g. insurance premium paid S.32(2);

2. Against a beneficiary if -

  • The trustee accepted the trust at the request of the beneficiary and the beneficiary is the settlor; or
  • The beneficiary is the sole beneficiary, sui juris, and absolutely entitled;
  • The expense was incurred at the request of all beneficiaries, being sui juris and absolutely entitled.

 

3. For the cost of litigation brought or defended with leave of the court or otherwise properly for the benefit of the estate - the indemnity here comes out of the trust estate.

Posted Date: 12/15/2012 12:11:06 AM | Location : United States







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