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.
Los Angeles, California Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions for the establishment of a real estate business trust in Los Angeles, California. This type of trust is commonly used in the state of Massachusetts through the Massachusetts Nominee Realty Trust. The trust is established with the purpose of holding and managing real estate assets on behalf of beneficiaries. The trustees, appointed by the beneficiaries, are responsible for the management, operation, and decision-making related to the trust's real estate properties. A unique feature of this trust is that the trustees are required to act only as directed by the beneficiaries. The Los Angeles, California Agreement and Declaration of Real Estate Business Trust ensures the protection of the beneficiaries' interests and specifies their rights, duties, and responsibilities as well as those of the trustees. It includes provisions regarding the acquisition, leasing, financing, taxation, and disposition of real estate assets held by the trust. Different types of Los Angeles, California Agreement and Declaration of Real Estate Business Trust may include variations in the terms and conditions depending on the specific requirements and preferences of the beneficiaries. These could include provisions regarding the distribution of income or profits generated by the real estate assets, restrictions or limitations on the trustees' power, or specific guidelines for the selection and replacement of trustees. Overall, the Los Angeles, California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries serves as a comprehensive legal framework for establishing and managing a real estate business trust in Los Angeles, California, with specific guidelines for trustees to act solely in accordance with the directions given by the beneficiaries.Los Angeles, California Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions for the establishment of a real estate business trust in Los Angeles, California. This type of trust is commonly used in the state of Massachusetts through the Massachusetts Nominee Realty Trust. The trust is established with the purpose of holding and managing real estate assets on behalf of beneficiaries. The trustees, appointed by the beneficiaries, are responsible for the management, operation, and decision-making related to the trust's real estate properties. A unique feature of this trust is that the trustees are required to act only as directed by the beneficiaries. The Los Angeles, California Agreement and Declaration of Real Estate Business Trust ensures the protection of the beneficiaries' interests and specifies their rights, duties, and responsibilities as well as those of the trustees. It includes provisions regarding the acquisition, leasing, financing, taxation, and disposition of real estate assets held by the trust. Different types of Los Angeles, California Agreement and Declaration of Real Estate Business Trust may include variations in the terms and conditions depending on the specific requirements and preferences of the beneficiaries. These could include provisions regarding the distribution of income or profits generated by the real estate assets, restrictions or limitations on the trustees' power, or specific guidelines for the selection and replacement of trustees. Overall, the Los Angeles, California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries serves as a comprehensive legal framework for establishing and managing a real estate business trust in Los Angeles, California, with specific guidelines for trustees to act solely in accordance with the directions given by the beneficiaries.
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.
