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 Contra Costa California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that establishes a real estate business trust in the state of California. This trust arrangement involves a trustee, who is typically a Massachusetts Nominee Realty Trust, and beneficiaries who have the authority to direct the actions of the trustee. The purpose of this agreement is to provide a structure for the management and operation of real estate assets held by the trust. It outlines the roles and responsibilities of the trustee and beneficiaries, as well as the procedures for decision-making and asset management. The trustee is obligated to act in accordance with the directions provided by the beneficiaries, ensuring that their interests are protected and their objectives are achieved. There may be different types or variations of the Contra Costa California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, depending on the specific terms and conditions agreed upon by the parties involved. These variations may include specific provisions related to the types of real estate assets held by the trust, the distribution of profits or income generated by the assets, and the termination or dissolution of the trust. Overall, this agreement provides a legal framework for a real estate business trust, allowing beneficiaries to exercise control and direction over the trust's activities, while the trustee handles the day-to-day management and administration of the trust's real estate assets.The Contra Costa California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that establishes a real estate business trust in the state of California. This trust arrangement involves a trustee, who is typically a Massachusetts Nominee Realty Trust, and beneficiaries who have the authority to direct the actions of the trustee. The purpose of this agreement is to provide a structure for the management and operation of real estate assets held by the trust. It outlines the roles and responsibilities of the trustee and beneficiaries, as well as the procedures for decision-making and asset management. The trustee is obligated to act in accordance with the directions provided by the beneficiaries, ensuring that their interests are protected and their objectives are achieved. There may be different types or variations of the Contra Costa California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, depending on the specific terms and conditions agreed upon by the parties involved. These variations may include specific provisions related to the types of real estate assets held by the trust, the distribution of profits or income generated by the assets, and the termination or dissolution of the trust. Overall, this agreement provides a legal framework for a real estate business trust, allowing beneficiaries to exercise control and direction over the trust's activities, while the trustee handles the day-to-day management and administration of the trust's real estate assets.
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.
