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 Cook Illinois Agreement and Declaration of Real Estate Business Trust is a legal document that governs the operations and management of a specific property or real estate business trust in the state of Massachusetts. This trust arrangement is known as the Massachusetts Nominee Realty Trust, where trustees have the responsibility to act only on the directives provided by beneficiaries. This agreement establishes the legal framework for the Cook Illinois Agreement and Declaration of Real Estate Business Trust, ensuring that the trust operates in compliance with the laws and regulations of Massachusetts. It outlines the roles, responsibilities, and rights of the trustees and beneficiaries involved in the trust. The primary focus of the Cook Illinois Agreement and Declaration of Real Estate Business Trust is to ensure that the beneficiaries have complete control over the actions and decisions of the trustees. This means that the trustees must abide by the instructions and directions given by the beneficiaries regarding the management, sale, lease, or other transactions concerning the trust property. The trust is set up to provide protection, management, and distribution of the trust's real estate assets. It protects the interests of the beneficiaries by ensuring that the trustees act solely on their behalf. The beneficiaries have the authority to make decisions related to property transactions, including buying, selling, leasing, mortgaging, or any other legal action pertaining to the trust property. The trustees must execute these decisions promptly and faithfully. There may be different types of Cook Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, which vary based on specific terms and conditions established by the trust creators. These variations depend on factors such as the duration of the trust, the specific property or asset covered by the trust, and the intended purpose of the trust. In conclusion, the Cook Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that governs the operations and management of a specific real estate trust in Massachusetts. The agreement ensures that the trustees act only upon the explicit instructions and directions given by the beneficiaries, providing them with complete control over the trust's property and transactions.The Cook Illinois Agreement and Declaration of Real Estate Business Trust is a legal document that governs the operations and management of a specific property or real estate business trust in the state of Massachusetts. This trust arrangement is known as the Massachusetts Nominee Realty Trust, where trustees have the responsibility to act only on the directives provided by beneficiaries. This agreement establishes the legal framework for the Cook Illinois Agreement and Declaration of Real Estate Business Trust, ensuring that the trust operates in compliance with the laws and regulations of Massachusetts. It outlines the roles, responsibilities, and rights of the trustees and beneficiaries involved in the trust. The primary focus of the Cook Illinois Agreement and Declaration of Real Estate Business Trust is to ensure that the beneficiaries have complete control over the actions and decisions of the trustees. This means that the trustees must abide by the instructions and directions given by the beneficiaries regarding the management, sale, lease, or other transactions concerning the trust property. The trust is set up to provide protection, management, and distribution of the trust's real estate assets. It protects the interests of the beneficiaries by ensuring that the trustees act solely on their behalf. The beneficiaries have the authority to make decisions related to property transactions, including buying, selling, leasing, mortgaging, or any other legal action pertaining to the trust property. The trustees must execute these decisions promptly and faithfully. There may be different types of Cook Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, which vary based on specific terms and conditions established by the trust creators. These variations depend on factors such as the duration of the trust, the specific property or asset covered by the trust, and the intended purpose of the trust. In conclusion, the Cook Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that governs the operations and management of a specific real estate trust in Massachusetts. The agreement ensures that the trustees act only upon the explicit instructions and directions given by the beneficiaries, providing them with complete control over the trust's property and transactions.
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.
