A Massachusetts nominee trust is (a) in writing, (b) has one or more persons or corporations named as trustees, (c) has an identified corpus, (d) has beneficiaries identified on a written schedule held by the trustees but not disclosed to the public, and (e) contains various trustee powers as to corpus dispositions that can only be exercised when authorized by the beneficiaries.
The beneficiaries are the owners of the corpus for all purposes, including income, gift and estate taxation, except being the owners of record of the corpus. There is a Principal/Agent relationship between the Trustees and the Beneficiaries, and it is somewhat the reverse where usually in a Grantor Trust, the Trustee instructs the Beneficiaries on what he will/is allowed to do for them, but in a Nominee Trust the Beneficiaries direct the Trustee.
The nominee trust was conceived as an estate-planning vehicle to allow a decedent's real estate to pass to beneficiaries without the necessity of it being probated, e.g., the undisclosed beneficiaries would be also be the trustees of the Nominee trust (you can't have the same trustee be the only beneficiary, but the same two trustees can be the same two beneficiaries!)
The trustees have liability in tort but not in contract if the trust has appropriate language stating that those dealing with the trust may look only to trust property when a dispute arises with the trustee and giving the trustee ostensible authority to deal with the trustee.
The Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that establishes a trust relationship for real estate purposes in the state of Massachusetts. This trust agreement outlines the roles and responsibilities of the trustees, beneficiaries, and the trust itself. In this agreement, the trustees have a limited role and can only act based on the directions given by the beneficiaries. The trustees are essentially holding the real estate assets in the trust and managing them based on the wishes and instructions of the beneficiaries. The Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is created to provide benefits and protections for the beneficiaries involved. By establishing this trust, the beneficiaries can exercise control over the management and use of the real estate held within the trust, while the trustees are legally obligated to follow their directions. The purpose of such a trust arrangement may vary depending on the unique circumstances and goals of the parties involved. It could be used to facilitate joint ownership of real estate, manage investment properties, or hold assets for estate planning purposes. It ensures that the beneficiaries have a say in the decision-making process and exert control over the trust's assets. While there may not be different types of Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust, there could be variations or modifications to the agreement depending on the specific needs of the beneficiaries and the nature of the real estate assets being held in trust. Key terms related to the Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust include trust agreement, trustees, beneficiaries, real estate assets, management, control, instructions, joint ownership, investment properties, and estate planning. Overall, this trust arrangement provides a legal framework for trustees to act solely based on the instructions and directions of the beneficiaries, ensuring their interests are safeguarded and their wishes are carried out in the management of the real estate assets placed in trust.The Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that establishes a trust relationship for real estate purposes in the state of Massachusetts. This trust agreement outlines the roles and responsibilities of the trustees, beneficiaries, and the trust itself. In this agreement, the trustees have a limited role and can only act based on the directions given by the beneficiaries. The trustees are essentially holding the real estate assets in the trust and managing them based on the wishes and instructions of the beneficiaries. The Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is created to provide benefits and protections for the beneficiaries involved. By establishing this trust, the beneficiaries can exercise control over the management and use of the real estate held within the trust, while the trustees are legally obligated to follow their directions. The purpose of such a trust arrangement may vary depending on the unique circumstances and goals of the parties involved. It could be used to facilitate joint ownership of real estate, manage investment properties, or hold assets for estate planning purposes. It ensures that the beneficiaries have a say in the decision-making process and exert control over the trust's assets. While there may not be different types of Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust, there could be variations or modifications to the agreement depending on the specific needs of the beneficiaries and the nature of the real estate assets being held in trust. Key terms related to the Montana Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust include trust agreement, trustees, beneficiaries, real estate assets, management, control, instructions, joint ownership, investment properties, and estate planning. Overall, this trust arrangement provides a legal framework for trustees to act solely based on the instructions and directions of the beneficiaries, ensuring their interests are safeguarded and their wishes are carried out in the management of the real estate assets placed in trust.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
