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 Georgia 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 trust structure for real estate business activities in Georgia. This agreement outlines the roles and responsibilities of the trustees and beneficiaries, ensuring that the trustees act solely based on the directions provided by the beneficiaries. In this type of trust, the trustees are appointed to manage the real estate assets on behalf of the beneficiaries. Their fiduciary duty is to follow the instructions and directions given by the beneficiaries, making sure to act in their best interest at all times. The trustees are not empowered to make independent decisions or take actions without the explicit consent or guidance of the beneficiaries. The Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is designed to protect the beneficiaries' interests and provide them with control over the trust's operations. This trust structure allows beneficiaries to have a direct say in the decision-making process related to the real estate assets held within the trust. Different types or variations of this trust may exist depending on specific circumstances or preferences. For example, there could be a variation where the beneficiaries have different degrees of control or decision-making authority. Additionally, the trust agreement may include provisions related to the selection or replacement of trustees, distribution of income from the real estate assets, or other specific terms and conditions relevant to the beneficiaries' objectives. This type of real estate trust can provide numerous benefits to both the beneficiaries and the trustees. The beneficiaries can ensure their interests are protected, while the trustees can have a clear mandate and guidance in managing the trust's operations. By establishing a Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, individuals or entities can engage in real estate activities while maintaining control and protecting their assets.The Georgia 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 trust structure for real estate business activities in Georgia. This agreement outlines the roles and responsibilities of the trustees and beneficiaries, ensuring that the trustees act solely based on the directions provided by the beneficiaries. In this type of trust, the trustees are appointed to manage the real estate assets on behalf of the beneficiaries. Their fiduciary duty is to follow the instructions and directions given by the beneficiaries, making sure to act in their best interest at all times. The trustees are not empowered to make independent decisions or take actions without the explicit consent or guidance of the beneficiaries. The Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is designed to protect the beneficiaries' interests and provide them with control over the trust's operations. This trust structure allows beneficiaries to have a direct say in the decision-making process related to the real estate assets held within the trust. Different types or variations of this trust may exist depending on specific circumstances or preferences. For example, there could be a variation where the beneficiaries have different degrees of control or decision-making authority. Additionally, the trust agreement may include provisions related to the selection or replacement of trustees, distribution of income from the real estate assets, or other specific terms and conditions relevant to the beneficiaries' objectives. This type of real estate trust can provide numerous benefits to both the beneficiaries and the trustees. The beneficiaries can ensure their interests are protected, while the trustees can have a clear mandate and guidance in managing the trust's operations. By establishing a Georgia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, individuals or entities can engage in real estate activities while maintaining control and protecting their assets.
