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 Franklin Ohio 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 specific terms and conditions for a real estate trust agreement in Franklin, Ohio. This agreement appoints the Massachusetts Nominee Realty Trust as the designated trustee of the trust, with the important requirement that the trustees can only take action or make decisions as directed by the beneficiaries. The primary purpose of the Franklin Ohio Agreement and Declaration of Real Estate Business Trust is to establish a framework for the management and operation of real estate assets within the trust. This agreement ensures that the trustees are solely responsible for overseeing the trust, with an emphasis on carrying out the wishes and instructions of the beneficiaries. One key aspect emphasized in this agreement is that the trustees must act solely as directed by the beneficiaries. This means that any major decision regarding the trust or its assets must be made in accordance with the explicit instructions and preferences of the beneficiaries. This provision ensures that the beneficiaries have significant control over the trust and that the trustees are bound to act in their best interests. In addition to the main provisions highlighted above, multiple types or variations of the Franklin Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may exist. These variations can be customized to meet specific needs and requirements based on individual circumstances. For example: 1. Residential Real Estate Trust Agreement: This type of trust agreement focuses on residential properties, such as single-family homes, condominiums, or apartment complexes. It addresses specific considerations related to residential properties, such as tenant rights, property maintenance, and rental income distribution. 2. Commercial Real Estate Trust Agreement: Unlike residential trusts, this type of agreement pertains to commercial real estate assets, including office buildings, retail spaces, or industrial facilities. It addresses unique aspects such as lease agreements, tenant negotiations, and property management strategies specific to commercial properties. 3. Mixed-use Real Estate Trust Agreement: This type of trust agreement applies to real estate assets that combine both residential and commercial elements, such as mixed-use developments or multifamily buildings with ground-level retail spaces. It deals with a combination of considerations related to both residential and commercial properties. 4. Vacation Rental Real Estate Trust Agreement: This variation is suitable for properties that are primarily used as vacation rentals or second homes. It may address specific issues such as short-term rental regulations, property marketing, and handling of rental income during peak vacation seasons. In conclusion, the Franklin Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a comprehensive legal document that ensures efficient and transparent management of real estate assets within the trust. It provides beneficiaries with the power to direct and control the actions of the trustees, while serving as a customizable template for various types of real estate trusts based on specific needs and circumstances.The Franklin Ohio 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 specific terms and conditions for a real estate trust agreement in Franklin, Ohio. This agreement appoints the Massachusetts Nominee Realty Trust as the designated trustee of the trust, with the important requirement that the trustees can only take action or make decisions as directed by the beneficiaries. The primary purpose of the Franklin Ohio Agreement and Declaration of Real Estate Business Trust is to establish a framework for the management and operation of real estate assets within the trust. This agreement ensures that the trustees are solely responsible for overseeing the trust, with an emphasis on carrying out the wishes and instructions of the beneficiaries. One key aspect emphasized in this agreement is that the trustees must act solely as directed by the beneficiaries. This means that any major decision regarding the trust or its assets must be made in accordance with the explicit instructions and preferences of the beneficiaries. This provision ensures that the beneficiaries have significant control over the trust and that the trustees are bound to act in their best interests. In addition to the main provisions highlighted above, multiple types or variations of the Franklin Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may exist. These variations can be customized to meet specific needs and requirements based on individual circumstances. For example: 1. Residential Real Estate Trust Agreement: This type of trust agreement focuses on residential properties, such as single-family homes, condominiums, or apartment complexes. It addresses specific considerations related to residential properties, such as tenant rights, property maintenance, and rental income distribution. 2. Commercial Real Estate Trust Agreement: Unlike residential trusts, this type of agreement pertains to commercial real estate assets, including office buildings, retail spaces, or industrial facilities. It addresses unique aspects such as lease agreements, tenant negotiations, and property management strategies specific to commercial properties. 3. Mixed-use Real Estate Trust Agreement: This type of trust agreement applies to real estate assets that combine both residential and commercial elements, such as mixed-use developments or multifamily buildings with ground-level retail spaces. It deals with a combination of considerations related to both residential and commercial properties. 4. Vacation Rental Real Estate Trust Agreement: This variation is suitable for properties that are primarily used as vacation rentals or second homes. It may address specific issues such as short-term rental regulations, property marketing, and handling of rental income during peak vacation seasons. In conclusion, the Franklin Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a comprehensive legal document that ensures efficient and transparent management of real estate assets within the trust. It provides beneficiaries with the power to direct and control the actions of the trustees, while serving as a customizable template for various types of real estate trusts based on specific needs and circumstances.
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.
