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 Salt Lake Utah Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that establishes a real estate business trust in Salt Lake Utah, with the Massachusetts Nominee Realty Trust serving as the trustee. This agreement outlines the specific roles and responsibilities of the trustees, who are legally bound to act solely upon the directives and instructions of the trust beneficiaries. The trust is designed to facilitate the efficient management and operation of real estate properties, while ensuring that beneficiaries have complete control over decision-making processes. Some key aspects of the Salt Lake Utah Agreement and Declaration of Real Estate Business Trust may include: 1. Trust Structure: The agreement will clearly define the structure of the trust, including the trustees, beneficiaries, and any other parties involved. 2. Trustee Responsibilities: The trustees are expected to act in the best interests of the trust beneficiaries, following their directions and instructions to manage the real estate properties effectively. 3. Beneficiary Powers: The agreement will outline the extent of the power and authority granted to the beneficiaries in terms of decision-making and control over the trust's assets. 4. Management of Real Estate Properties: The trustees will have various duties, such as property acquisitions, leasing, maintenance, and disposal, all based on the beneficiaries' directions. 5. Reporting and Accounting: The agreement may specify the trustees' obligations to provide regular reports and financial statements to the beneficiaries, ensuring transparency and accountability in trust operations. 6. Succession Planning: It may outline provisions for trustee succession, in the event of resignation, incapacity, or death. Different types of Salt Lake Utah Agreements and Declarations of Real Estate Business Trust with the Massachusetts Nominee Realty Trust acting as trustees and only following the beneficiaries' directions may include specific variations catering to different types of real estate assets. For example: 1. Residential Property Trust: This type of trust may focus on the management and operation of residential properties, including rental units, condominiums, or single-family homes. 2. Commercial Property Trust: Designed for commercial properties such as office buildings, warehouses, or retail spaces, this trust would address the unique needs and considerations of commercial real estate. 3. Mixed-Use Property Trust: Trusts can also be established for properties with a combination of residential and commercial components, requiring the trustees to manage both aspects. 4. Industrial Property Trust: This type of trust would specifically focus on the management and operations of industrial properties, such as manufacturing facilities or distribution centers. It is essential to consult legal professionals or advisors when establishing a Salt Lake Utah Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, as they can provide personalized guidance based on individual circumstances and specific needs.The Salt Lake Utah Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that establishes a real estate business trust in Salt Lake Utah, with the Massachusetts Nominee Realty Trust serving as the trustee. This agreement outlines the specific roles and responsibilities of the trustees, who are legally bound to act solely upon the directives and instructions of the trust beneficiaries. The trust is designed to facilitate the efficient management and operation of real estate properties, while ensuring that beneficiaries have complete control over decision-making processes. Some key aspects of the Salt Lake Utah Agreement and Declaration of Real Estate Business Trust may include: 1. Trust Structure: The agreement will clearly define the structure of the trust, including the trustees, beneficiaries, and any other parties involved. 2. Trustee Responsibilities: The trustees are expected to act in the best interests of the trust beneficiaries, following their directions and instructions to manage the real estate properties effectively. 3. Beneficiary Powers: The agreement will outline the extent of the power and authority granted to the beneficiaries in terms of decision-making and control over the trust's assets. 4. Management of Real Estate Properties: The trustees will have various duties, such as property acquisitions, leasing, maintenance, and disposal, all based on the beneficiaries' directions. 5. Reporting and Accounting: The agreement may specify the trustees' obligations to provide regular reports and financial statements to the beneficiaries, ensuring transparency and accountability in trust operations. 6. Succession Planning: It may outline provisions for trustee succession, in the event of resignation, incapacity, or death. Different types of Salt Lake Utah Agreements and Declarations of Real Estate Business Trust with the Massachusetts Nominee Realty Trust acting as trustees and only following the beneficiaries' directions may include specific variations catering to different types of real estate assets. For example: 1. Residential Property Trust: This type of trust may focus on the management and operation of residential properties, including rental units, condominiums, or single-family homes. 2. Commercial Property Trust: Designed for commercial properties such as office buildings, warehouses, or retail spaces, this trust would address the unique needs and considerations of commercial real estate. 3. Mixed-Use Property Trust: Trusts can also be established for properties with a combination of residential and commercial components, requiring the trustees to manage both aspects. 4. Industrial Property Trust: This type of trust would specifically focus on the management and operations of industrial properties, such as manufacturing facilities or distribution centers. It is essential to consult legal professionals or advisors when establishing a Salt Lake Utah Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, as they can provide personalized guidance based on individual circumstances and specific needs.
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.
