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 Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that outlines the terms and conditions of a real estate business trust operating in Arizona. This trust is based on the laws and regulations of Massachusetts and ensures that the trustees act solely as directed by the beneficiaries. In this agreement, the Massachusetts Nominee Realty Trust is established and the trustees are appointed to manage the trust's real estate investments in Arizona. It is important to note that the trustees have no discretionary powers and can only act upon the directions given by the beneficiaries. The Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust serves as a safeguard for the beneficiaries as it ensures that the trustees act in their best interests and follow their instructions explicitly. The document clarifies the roles and responsibilities of both the trustees and beneficiaries, defining their respective rights and obligations. This agreement also includes provisions for the distribution of income and profits generated from the real estate investments, as well as the handling of potential conflicts of interest between the trustees and beneficiaries. It is crucial to consult with legal professionals familiar with real estate business trusts and the laws of Massachusetts and Arizona when drafting or reviewing this document. The types of Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust can vary depending on the specific requirements and preferences of the parties involved. Some common variations may include: 1. Revocable Trust: This type of trust allows the beneficiaries to amend or revoke the trust agreement during their lifetime. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be easily modified or terminated without the consent of all parties involved. 3. Living Trust: This trust is created during the trustee's lifetime and can be used to manage and distribute assets, including real estate, without the need for probate. 4. Testamentary Trust: Unlike a living trust, a testamentary trust is established in a person's will and only comes into effect upon their death. 5. Special Needs Trust: This type of trust is designed to provide financially for individuals with special needs or disabilities, ensuring that their assets do not disqualify them from receiving government assistance. It is important to consult with legal professionals to understand the specific nuances, options, and variations available in the Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust.The Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that outlines the terms and conditions of a real estate business trust operating in Arizona. This trust is based on the laws and regulations of Massachusetts and ensures that the trustees act solely as directed by the beneficiaries. In this agreement, the Massachusetts Nominee Realty Trust is established and the trustees are appointed to manage the trust's real estate investments in Arizona. It is important to note that the trustees have no discretionary powers and can only act upon the directions given by the beneficiaries. The Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust serves as a safeguard for the beneficiaries as it ensures that the trustees act in their best interests and follow their instructions explicitly. The document clarifies the roles and responsibilities of both the trustees and beneficiaries, defining their respective rights and obligations. This agreement also includes provisions for the distribution of income and profits generated from the real estate investments, as well as the handling of potential conflicts of interest between the trustees and beneficiaries. It is crucial to consult with legal professionals familiar with real estate business trusts and the laws of Massachusetts and Arizona when drafting or reviewing this document. The types of Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust can vary depending on the specific requirements and preferences of the parties involved. Some common variations may include: 1. Revocable Trust: This type of trust allows the beneficiaries to amend or revoke the trust agreement during their lifetime. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be easily modified or terminated without the consent of all parties involved. 3. Living Trust: This trust is created during the trustee's lifetime and can be used to manage and distribute assets, including real estate, without the need for probate. 4. Testamentary Trust: Unlike a living trust, a testamentary trust is established in a person's will and only comes into effect upon their death. 5. Special Needs Trust: This type of trust is designed to provide financially for individuals with special needs or disabilities, ensuring that their assets do not disqualify them from receiving government assistance. It is important to consult with legal professionals to understand the specific nuances, options, and variations available in the Arizona Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust.
