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.
Miami-Dade Florida Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust structure regarding real estate business activities within Miami-Dade County, Florida. It outlines the roles and responsibilities of the Massachusetts Nominee Realty Trust and the trustees who are obliged to act solely under the direction of the beneficiaries. In this agreement, the Massachusetts Nominee Realty Trust acts as a nominee, holding the legal title to the real estate assets on behalf of the beneficiaries. The trustees have a duty to administer and manage the trust, but their authority is strictly limited to the directives provided by the beneficiaries. The main purpose of this trust is to ensure effective management and control over real estate holdings in Miami-Dade, while providing flexibility to the beneficiaries in shaping and executing the trust's activities. By entrusting the trustees to act only as directed by the beneficiaries, this agreement aims to protect the interests of the beneficial owners and allow them to have a direct influence on decision-making and asset management. Different types of Miami-Dade Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations based on the specific terms and conditions agreed upon by the trust parties. These variations could cover aspects such as asset allocation, distribution of income or profits, duration of the trust, or termination clauses, among others. Overall, the Miami-Dade Florida 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 effective real estate management, promoting transparency, collaboration, and the protection of beneficiaries' interests within the Miami-Dade County area.Miami-Dade Florida Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust structure regarding real estate business activities within Miami-Dade County, Florida. It outlines the roles and responsibilities of the Massachusetts Nominee Realty Trust and the trustees who are obliged to act solely under the direction of the beneficiaries. In this agreement, the Massachusetts Nominee Realty Trust acts as a nominee, holding the legal title to the real estate assets on behalf of the beneficiaries. The trustees have a duty to administer and manage the trust, but their authority is strictly limited to the directives provided by the beneficiaries. The main purpose of this trust is to ensure effective management and control over real estate holdings in Miami-Dade, while providing flexibility to the beneficiaries in shaping and executing the trust's activities. By entrusting the trustees to act only as directed by the beneficiaries, this agreement aims to protect the interests of the beneficial owners and allow them to have a direct influence on decision-making and asset management. Different types of Miami-Dade Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations based on the specific terms and conditions agreed upon by the trust parties. These variations could cover aspects such as asset allocation, distribution of income or profits, duration of the trust, or termination clauses, among others. Overall, the Miami-Dade Florida 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 effective real estate management, promoting transparency, collaboration, and the protection of beneficiaries' interests within the Miami-Dade County area.
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.
