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 Nassau New York Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legal framework established for real estate investment and management purposes. This agreement emphasizes the role and responsibilities of trustees in acting solely as directed by the beneficiaries. The Massachusetts Nominee Realty Trust, under the Nassau New York Agreement, involves the formation of a trust specifically for real estate business purposes within the state of Massachusetts. This enables individuals or organizations to pool their resources and invest in real estate properties collectively. Through this trust, the trustees are appointed to manage the trust assets and make decisions in accordance with the directives given by the beneficiaries. The primary focus of the Nassau New York Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is to ensure that trustees act solely upon the instructions and guidance provided by the beneficiaries. This arrangement ensures transparency, accountability, and the protection of the beneficiaries' interests. There are no specific known subtypes or variations of this trust agreement apart from the commonly understood framework mentioned above. It is important to consult legal professionals and review the specific provisions within the agreement to fully understand the rights and obligations of the trustees and beneficiaries in any particular case.The Nassau New York Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legal framework established for real estate investment and management purposes. This agreement emphasizes the role and responsibilities of trustees in acting solely as directed by the beneficiaries. The Massachusetts Nominee Realty Trust, under the Nassau New York Agreement, involves the formation of a trust specifically for real estate business purposes within the state of Massachusetts. This enables individuals or organizations to pool their resources and invest in real estate properties collectively. Through this trust, the trustees are appointed to manage the trust assets and make decisions in accordance with the directives given by the beneficiaries. The primary focus of the Nassau New York Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is to ensure that trustees act solely upon the instructions and guidance provided by the beneficiaries. This arrangement ensures transparency, accountability, and the protection of the beneficiaries' interests. There are no specific known subtypes or variations of this trust agreement apart from the commonly understood framework mentioned above. It is important to consult legal professionals and review the specific provisions within the agreement to fully understand the rights and obligations of the trustees and beneficiaries in any particular case.
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.
