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 Broward Florida 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 terms and conditions of a real estate business trust in Broward County, Florida. This agreement appoints the Massachusetts Nominee Realty Trust as the trustee and establishes that the trustees will act solely based on the directions provided by the beneficiaries of the trust. Keywords: Broward Florida, Agreement and Declaration, Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Beneficiaries. Types of Broward Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries can include: 1. Residential Property Trust: This type of trust agreement is specifically designed for the management and administration of residential real estate properties in Broward County, Florida. It ensures that the trustees act in accordance with the directives provided by the beneficiaries, who may be individual homeowners or investors. 2. Commercial Property Trust: This trust agreement caters to the needs of commercial real estate properties in Broward County, Florida. It governs the management, operation, and maintenance of office buildings, retail spaces, industrial facilities, and other commercial properties. The trustees act solely based on the directions given by the beneficiaries, who may be business owners or investors. 3. Mixed-Use Property Trust: A mixed-use property trust encompasses a combination of residential and commercial properties. It provides a comprehensive framework for managing and overseeing both residential and commercial real estate assets in Broward County, Florida. The trustees are obligated to follow the instructions and guidelines set forth by the beneficiaries, who may have varying interests in the trust. It is important to note that while these are examples of potential types of Broward Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, the specific structure and provisions of the trust may vary depending on the needs and requirements of the parties involved.The Broward Florida 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 terms and conditions of a real estate business trust in Broward County, Florida. This agreement appoints the Massachusetts Nominee Realty Trust as the trustee and establishes that the trustees will act solely based on the directions provided by the beneficiaries of the trust. Keywords: Broward Florida, Agreement and Declaration, Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Beneficiaries. Types of Broward Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries can include: 1. Residential Property Trust: This type of trust agreement is specifically designed for the management and administration of residential real estate properties in Broward County, Florida. It ensures that the trustees act in accordance with the directives provided by the beneficiaries, who may be individual homeowners or investors. 2. Commercial Property Trust: This trust agreement caters to the needs of commercial real estate properties in Broward County, Florida. It governs the management, operation, and maintenance of office buildings, retail spaces, industrial facilities, and other commercial properties. The trustees act solely based on the directions given by the beneficiaries, who may be business owners or investors. 3. Mixed-Use Property Trust: A mixed-use property trust encompasses a combination of residential and commercial properties. It provides a comprehensive framework for managing and overseeing both residential and commercial real estate assets in Broward County, Florida. The trustees are obligated to follow the instructions and guidelines set forth by the beneficiaries, who may have varying interests in the trust. It is important to note that while these are examples of potential types of Broward Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, the specific structure and provisions of the trust may vary depending on the needs and requirements of the parties involved.
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.
