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 Phoenix Arizona Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust in the real estate industry in Phoenix, Arizona. It specifically pertains to the Massachusetts Nominee Realty Trust and outlines the role and responsibilities of Trustees, who are required to act solely as directed by the beneficiaries. In this agreement, the Trustees of the Massachusetts Nominee Realty Trust are bound to follow the instructions and directives provided by the beneficiaries of the trust. This ensures that the beneficiaries have complete control over any decision-making processes related to the real estate assets held within the trust. The Phoenix Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust aims to protect the interests of the beneficiaries by stipulating that the Trustees must not act independently or make any decisions without the explicit consent and direction of the beneficiaries. By doing so, it prevents any potential conflicts of interest or misuse of trust assets by the Trustees. The document also outlines the specific provisions, rules, and regulations that govern the activities of the trust. It includes details such as the purpose of the trust, the identification of the Trustees and beneficiaries, the rights and responsibilities of each party, and the procedures for making decisions and executing transactions. Different types of Phoenix Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include variations in terms of the beneficiaries, the nature of the real estate assets involved, and specific clauses tailored to meet the requirements of different parties involved in the trust. Examples of these variations may include agreements for commercial real estate trusts, residential real estate trusts, or mixed-use property trusts. Each type of trust may have specific provisions and considerations depending on the nature of the real estate assets and the goals of the beneficiaries.The Phoenix Arizona Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust in the real estate industry in Phoenix, Arizona. It specifically pertains to the Massachusetts Nominee Realty Trust and outlines the role and responsibilities of Trustees, who are required to act solely as directed by the beneficiaries. In this agreement, the Trustees of the Massachusetts Nominee Realty Trust are bound to follow the instructions and directives provided by the beneficiaries of the trust. This ensures that the beneficiaries have complete control over any decision-making processes related to the real estate assets held within the trust. The Phoenix Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust aims to protect the interests of the beneficiaries by stipulating that the Trustees must not act independently or make any decisions without the explicit consent and direction of the beneficiaries. By doing so, it prevents any potential conflicts of interest or misuse of trust assets by the Trustees. The document also outlines the specific provisions, rules, and regulations that govern the activities of the trust. It includes details such as the purpose of the trust, the identification of the Trustees and beneficiaries, the rights and responsibilities of each party, and the procedures for making decisions and executing transactions. Different types of Phoenix Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include variations in terms of the beneficiaries, the nature of the real estate assets involved, and specific clauses tailored to meet the requirements of different parties involved in the trust. Examples of these variations may include agreements for commercial real estate trusts, residential real estate trusts, or mixed-use property trusts. Each type of trust may have specific provisions and considerations depending on the nature of the real estate assets and the goals of 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.
