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 Florida Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legally binding document that establishes the terms and conditions for operating a trust in the real estate business sector in Florida. This type of trust operates differently from a traditional trust, as the trustees are obligated to act solely upon the direction and instruction of the beneficiaries. Keywords: Florida Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, real estate business, trust, trustees, beneficiaries. There are several variations and types of Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, including: 1. Revocable Trust: This type of trust allows the trustees to be appointed or removed by the beneficiaries, offering flexibility in managing the real estate assets. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be altered or revoked without the beneficiary's consent once it is created. This provides a higher level of security for the beneficiaries. 3. Living Trust: A living trust is created and takes effect during the settler's lifetime. It allows the beneficiaries to receive income and assets from the trust while the settler is still alive, potentially avoiding the need for probate upon the settler's death. 4. Land Trust: In a land trust, real estate assets are placed into a trust and managed by trustees for the benefit of the beneficiaries. This type of trust provides anonymity for the beneficiaries and can facilitate easier transfer or sale of property. 5. Commercial Real Estate Trust: This type of trust specifically focuses on commercial real estate properties. The trustees act according to the beneficiaries' directions, making crucial decisions regarding leasing, financing, and managing the property. 6. Residential Real Estate Trust: A residential real estate trust is designed to hold and manage residential properties. It allows beneficiaries to have control over decisions related to rental income, property maintenance, and tenant management. In summary, the Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that outlines the responsibilities and roles of trustees and beneficiaries in managing real estate assets in Florida. The trust can come in various types, including revocable, irrevocable, living, land, commercial, and residential trusts, depending on the specific needs and goals of the beneficiaries.The Florida Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legally binding document that establishes the terms and conditions for operating a trust in the real estate business sector in Florida. This type of trust operates differently from a traditional trust, as the trustees are obligated to act solely upon the direction and instruction of the beneficiaries. Keywords: Florida Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, real estate business, trust, trustees, beneficiaries. There are several variations and types of Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, including: 1. Revocable Trust: This type of trust allows the trustees to be appointed or removed by the beneficiaries, offering flexibility in managing the real estate assets. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be altered or revoked without the beneficiary's consent once it is created. This provides a higher level of security for the beneficiaries. 3. Living Trust: A living trust is created and takes effect during the settler's lifetime. It allows the beneficiaries to receive income and assets from the trust while the settler is still alive, potentially avoiding the need for probate upon the settler's death. 4. Land Trust: In a land trust, real estate assets are placed into a trust and managed by trustees for the benefit of the beneficiaries. This type of trust provides anonymity for the beneficiaries and can facilitate easier transfer or sale of property. 5. Commercial Real Estate Trust: This type of trust specifically focuses on commercial real estate properties. The trustees act according to the beneficiaries' directions, making crucial decisions regarding leasing, financing, and managing the property. 6. Residential Real Estate Trust: A residential real estate trust is designed to hold and manage residential properties. It allows beneficiaries to have control over decisions related to rental income, property maintenance, and tenant management. In summary, the Florida Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that outlines the responsibilities and roles of trustees and beneficiaries in managing real estate assets in Florida. The trust can come in various types, including revocable, irrevocable, living, land, commercial, and residential trusts, depending on the specific needs and goals of the beneficiaries.
