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 Alameda California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that outlines the roles and responsibilities of parties involved in a real estate business trust. It is specifically designed to govern the operations and management of a trust based in Alameda, California. This agreement establishes the Massachusetts Nominee Realty Trust as the trust entity, which acts as the legal owner of the property. The trust is managed by trustees who have a fiduciary duty to act solely in accordance with the directions provided by the beneficiaries. The Alameda California Agreement and Declaration of Real Estate Business Trust serves to protect the interests of both the beneficiaries and the trustees. It details the powers and limitations of the trustees, ensuring they cannot make uninformed decisions or act outside their prescribed authority. Beneficiaries have the right to provide instructions and guidelines to the trustees regarding the management and disposition of the trust's assets and properties. Keywords: Alameda California, Agreement and Declaration, Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Directed by Beneficiaries. Types of Alameda California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include: 1. Residential Real Estate Business Trust: This type of trust focuses on the management and operation of residential properties within Alameda, California. The beneficiaries may include individuals or entities who hold an interest in residential real estate properties. 2. Commercial Real Estate Business Trust: This trust pertains to the management and operation of commercial properties such as office buildings, retail spaces, or industrial facilities in Alameda, California. The beneficiaries may include business entities or investors involved in commercial real estate ventures. 3. Mixed-Use Real Estate Business Trust: This type of trust involves a combination of residential and commercial properties within Alameda, California. It caters to beneficiaries with interests in both residential and commercial real estate ventures. 4. Industrial Real Estate Business Trust: This trust is specific to the management and operation of industrial properties, such as warehouses, manufacturing facilities, or distribution centers in Alameda, California. The beneficiaries are typically business entities involved in industrial activities. 5. Land Development Real Estate Business Trust: This trust focuses on the acquisition and development of raw land in Alameda, California. Beneficiaries may include individuals or entities seeking to invest in land development projects, such as building residential or commercial properties. Keywords: Residential Real Estate Business Trust, Commercial Real Estate Business Trust, Mixed-Use Real Estate Business Trust, Industrial Real Estate Business Trust, Land Development Real Estate Business Trust.The Alameda California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that outlines the roles and responsibilities of parties involved in a real estate business trust. It is specifically designed to govern the operations and management of a trust based in Alameda, California. This agreement establishes the Massachusetts Nominee Realty Trust as the trust entity, which acts as the legal owner of the property. The trust is managed by trustees who have a fiduciary duty to act solely in accordance with the directions provided by the beneficiaries. The Alameda California Agreement and Declaration of Real Estate Business Trust serves to protect the interests of both the beneficiaries and the trustees. It details the powers and limitations of the trustees, ensuring they cannot make uninformed decisions or act outside their prescribed authority. Beneficiaries have the right to provide instructions and guidelines to the trustees regarding the management and disposition of the trust's assets and properties. Keywords: Alameda California, Agreement and Declaration, Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Directed by Beneficiaries. Types of Alameda California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include: 1. Residential Real Estate Business Trust: This type of trust focuses on the management and operation of residential properties within Alameda, California. The beneficiaries may include individuals or entities who hold an interest in residential real estate properties. 2. Commercial Real Estate Business Trust: This trust pertains to the management and operation of commercial properties such as office buildings, retail spaces, or industrial facilities in Alameda, California. The beneficiaries may include business entities or investors involved in commercial real estate ventures. 3. Mixed-Use Real Estate Business Trust: This type of trust involves a combination of residential and commercial properties within Alameda, California. It caters to beneficiaries with interests in both residential and commercial real estate ventures. 4. Industrial Real Estate Business Trust: This trust is specific to the management and operation of industrial properties, such as warehouses, manufacturing facilities, or distribution centers in Alameda, California. The beneficiaries are typically business entities involved in industrial activities. 5. Land Development Real Estate Business Trust: This trust focuses on the acquisition and development of raw land in Alameda, California. Beneficiaries may include individuals or entities seeking to invest in land development projects, such as building residential or commercial properties. Keywords: Residential Real Estate Business Trust, Commercial Real Estate Business Trust, Mixed-Use Real Estate Business Trust, Industrial Real Estate Business Trust, Land Development Real Estate Business 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.
