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 Fulton Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that outlines the specific terms and conditions governing a real estate business trust in Fulton, Georgia. This agreement establishes the roles and responsibilities of the Massachusetts Nominee Realty Trust as trustees, who are required to act solely based on the directions given by the beneficiaries. In this trust agreement, the Massachusetts Nominee Realty Trust serves as a trustee, holding and managing real estate assets for the benefit of designated beneficiaries. The trust operates under the jurisdiction of Fulton, Georgia and is governed by the specific laws and regulations of the region. The primary purpose of the Fulton Georgia Agreement and Declaration of Real Estate Business Trust is to provide a legal framework for the management and administration of real estate assets, ensuring transparency, accountability, and proper execution of the trust's objectives. The trust outlines the duties and obligations of the trustees, who are bound to act only in accordance with the instructions and wishes of the beneficiaries. The Massachusetts Nominee Realty Trust serves as a fiduciary entity, holding legal title to the trust property on behalf of the beneficiaries. However, the trustees have no discretionary powers and are restricted to acting solely as directed by the beneficiaries. They are responsible for carrying out tasks such as property acquisition, management, maintenance, rental collection, and disbursement of funds according to the beneficiaries' instructions. It is important to note that the Fulton Georgia Agreement and Declaration of Real Estate Business Trust can vary in terms and conditions based on the specific needs and requirements of the trust setup. Some variations may include specific provisions related to taxation, governance structures, or unique beneficiary directives. Overall, the Fulton Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust represents a legal agreement that allows for the establishment and efficient management of a real estate business trust in Fulton, Georgia. It ensures that the trustees act solely based on the directions given by the beneficiaries and upholds their fiduciary duty in managing the trust's assets.The Fulton Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that outlines the specific terms and conditions governing a real estate business trust in Fulton, Georgia. This agreement establishes the roles and responsibilities of the Massachusetts Nominee Realty Trust as trustees, who are required to act solely based on the directions given by the beneficiaries. In this trust agreement, the Massachusetts Nominee Realty Trust serves as a trustee, holding and managing real estate assets for the benefit of designated beneficiaries. The trust operates under the jurisdiction of Fulton, Georgia and is governed by the specific laws and regulations of the region. The primary purpose of the Fulton Georgia Agreement and Declaration of Real Estate Business Trust is to provide a legal framework for the management and administration of real estate assets, ensuring transparency, accountability, and proper execution of the trust's objectives. The trust outlines the duties and obligations of the trustees, who are bound to act only in accordance with the instructions and wishes of the beneficiaries. The Massachusetts Nominee Realty Trust serves as a fiduciary entity, holding legal title to the trust property on behalf of the beneficiaries. However, the trustees have no discretionary powers and are restricted to acting solely as directed by the beneficiaries. They are responsible for carrying out tasks such as property acquisition, management, maintenance, rental collection, and disbursement of funds according to the beneficiaries' instructions. It is important to note that the Fulton Georgia Agreement and Declaration of Real Estate Business Trust can vary in terms and conditions based on the specific needs and requirements of the trust setup. Some variations may include specific provisions related to taxation, governance structures, or unique beneficiary directives. Overall, the Fulton Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust represents a legal agreement that allows for the establishment and efficient management of a real estate business trust in Fulton, Georgia. It ensures that the trustees act solely based on the directions given by the beneficiaries and upholds their fiduciary duty in managing the trust's 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.
