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 Wake North Carolina Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions of a trust in the context of a real estate business in Wake, North Carolina. This trust is established under the Massachusetts Nominee Realty Trust and operates based on the principle that the trustees can only act according to the instructions and directions provided by the beneficiaries. The Wake North Carolina Agreement and Declaration of Real Estate Business Trust serves as a binding agreement between the trustees and beneficiaries involved in the trust, ensuring that all parties are aware of their rights, responsibilities, and obligations. The trust is designed to provide a clear framework for conducting real estate business transactions and managing assets in Wake, North Carolina. This agreement covers various aspects, including the roles and responsibilities of the trustees, the powers delegated to them by the beneficiaries, the scope of their authority, and the mechanisms for decision-making and communication between the trustees and beneficiaries. It also outlines the distribution of profits and losses, the method for resolving disputes, and the conditions under which the trust can be terminated. There may be various types of Wake North Carolina Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, based on the specific requirements and circumstances of the trust. Some potential variations may include: 1. Residential Real Estate Business Trust: This type of trust focuses on residential properties and deals with issues related to leasing, buying, selling, and managing residential real estate assets in Wake, North Carolina. 2. Commercial Real Estate Business Trust: This type of trust is primarily concerned with commercial properties, including office buildings, retail spaces, and industrial complexes. It addresses matters such as tenant agreements, lease negotiations, property maintenance, and overall management of commercial real estate assets in Wake, North Carolina. 3. Multi-unit Real Estate Business Trust: This trust pertains to real estate assets that consist of multiple units, such as apartment buildings or condominium complexes. It covers issues related to tenant relations, rent collection, maintenance, and the general administration of multi-unit properties in Wake, North Carolina. 4. Development Real Estate Business Trust: This type of trust focuses on real estate development projects, including land acquisition, construction, and marketing of residential or commercial properties in Wake, North Carolina. It includes provisions for financing, permits, zoning regulations, and other aspects specific to the development process. These are just a few examples of the potential variations of Wake North Carolina Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries. The actual type of trust may vary depending on the specific circumstances, objectives, and nature of the real estate business conducted in Wake, North Carolina.The Wake North Carolina Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions of a trust in the context of a real estate business in Wake, North Carolina. This trust is established under the Massachusetts Nominee Realty Trust and operates based on the principle that the trustees can only act according to the instructions and directions provided by the beneficiaries. The Wake North Carolina Agreement and Declaration of Real Estate Business Trust serves as a binding agreement between the trustees and beneficiaries involved in the trust, ensuring that all parties are aware of their rights, responsibilities, and obligations. The trust is designed to provide a clear framework for conducting real estate business transactions and managing assets in Wake, North Carolina. This agreement covers various aspects, including the roles and responsibilities of the trustees, the powers delegated to them by the beneficiaries, the scope of their authority, and the mechanisms for decision-making and communication between the trustees and beneficiaries. It also outlines the distribution of profits and losses, the method for resolving disputes, and the conditions under which the trust can be terminated. There may be various types of Wake North Carolina Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, based on the specific requirements and circumstances of the trust. Some potential variations may include: 1. Residential Real Estate Business Trust: This type of trust focuses on residential properties and deals with issues related to leasing, buying, selling, and managing residential real estate assets in Wake, North Carolina. 2. Commercial Real Estate Business Trust: This type of trust is primarily concerned with commercial properties, including office buildings, retail spaces, and industrial complexes. It addresses matters such as tenant agreements, lease negotiations, property maintenance, and overall management of commercial real estate assets in Wake, North Carolina. 3. Multi-unit Real Estate Business Trust: This trust pertains to real estate assets that consist of multiple units, such as apartment buildings or condominium complexes. It covers issues related to tenant relations, rent collection, maintenance, and the general administration of multi-unit properties in Wake, North Carolina. 4. Development Real Estate Business Trust: This type of trust focuses on real estate development projects, including land acquisition, construction, and marketing of residential or commercial properties in Wake, North Carolina. It includes provisions for financing, permits, zoning regulations, and other aspects specific to the development process. These are just a few examples of the potential variations of Wake North Carolina Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries. The actual type of trust may vary depending on the specific circumstances, objectives, and nature of the real estate business conducted in Wake, North Carolina.
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.
