The Trustee Release And Indemnification Agreement is a crucial document in trust administration under English and Welsh law, typically used when a trustee wishes to retire or is being replaced. It provides protection for retiring trustees while ensuring proper transition of trust responsibilities. The agreement is particularly important as trustees can remain liable for actions taken during their tenure even after retirement. This document addresses this risk by providing formal release and indemnification, subject to appropriate disclosures and compliance with trustee duties under applicable legislation including the Trustee Act 1925 and Trustee Act 2000.
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1. Parties: Identification of all parties including retiring trustee(s), continuing trustee(s), and beneficiaries
2. Background: Context of the trust, reason for release, and summary of trustee's service
3. Definitions: Key terms used throughout the agreement including Trust Property, Relevant Period, Claims, etc.
4. Release Provisions: Specific terms of release from duties and liabilities, including scope and effective date
5. Indemnification Terms: Scope and limitations of indemnification provided to the retiring trustee
6. Representations and Warranties: Statements of fact and assurances from all parties regarding their authority and the trust assets
7. Governing Law and Jurisdiction: Confirmation of applicable law (England and Wales) and jurisdiction for disputes
1. Pension Provisions: Additional provisions specific to pension trusts, required when trust involves pension funds
2. Charitable Purpose Provisions: Special provisions required for charitable trusts in accordance with the Charities Act 2011
3. Third Party Rights: Provisions regarding rights of non-parties under the Contracts (Rights of Third Parties) Act 1999
4. Continuing Obligations: Any ongoing duties or obligations that survive the release
1. Schedule 1 - Trust Assets: Detailed inventory of assets managed during the trusteeship period
2. Schedule 2 - Known Liabilities: Comprehensive list of existing or potential liabilities at the time of release
3. Schedule 3 - Documentation Register: List of all relevant trust documents, correspondence, and records being transferred
4. Schedule 4 - Beneficiary Consents: Copies of consent forms from beneficiaries (where applicable)
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