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 Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust refers to a specific type of trust agreement that is commonly used in the field of real estate business in Iowa. This legal document outlines the key terms and conditions under which the Massachusetts Nominee Realty Trust operates as a trust, with the trustees having the sole obligation to act in accordance with the directions provided by the beneficiaries of the trust. In this trust agreement, the beneficiaries have the ultimate authority and control over the actions and decisions made by the trustees. The trustees are obliged to act exclusively based on the directions given by the beneficiaries, ensuring that their interests and preferences are the primary focus all real estate matters. Different types or variations of the Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may exist depending on the specific requirements and circumstances of a real estate business. Some of these variations may include: 1. Revocable Iowa Agreement and Declaration of Real Estate Business Trust: This type of trust allows beneficiaries to modify or revoke the trust agreement entirely, providing them with flexibility and control over the real estate assets held by the trust. 2. Irrevocable Iowa Agreement and Declaration of Real Estate Business Trust: Unlike the revocable trust, this type of trust cannot be modified or terminated without the consent of all beneficiaries named in the agreement. It offers greater asset protection and long-term planning benefits. 3. Joint Iowa Agreement and Declaration of Real Estate Business Trust: This variation involves two or more beneficiaries who share control and decision-making authority over the trust's real estate assets. It allows for collaboration and joint management of properties. 4. Testamentary Iowa Agreement and Declaration of Real Estate Business Trust: This type of trust is established through a will and only takes effect upon the granter's death. It enables the smooth transfer and management of real estate assets according to the granter's wishes. These variations reflect the flexibility and customization options available when drafting an Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust. The specific type selected depends on the unique needs, goals, and preferences of the real estate business and its beneficiaries.The Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust refers to a specific type of trust agreement that is commonly used in the field of real estate business in Iowa. This legal document outlines the key terms and conditions under which the Massachusetts Nominee Realty Trust operates as a trust, with the trustees having the sole obligation to act in accordance with the directions provided by the beneficiaries of the trust. In this trust agreement, the beneficiaries have the ultimate authority and control over the actions and decisions made by the trustees. The trustees are obliged to act exclusively based on the directions given by the beneficiaries, ensuring that their interests and preferences are the primary focus all real estate matters. Different types or variations of the Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may exist depending on the specific requirements and circumstances of a real estate business. Some of these variations may include: 1. Revocable Iowa Agreement and Declaration of Real Estate Business Trust: This type of trust allows beneficiaries to modify or revoke the trust agreement entirely, providing them with flexibility and control over the real estate assets held by the trust. 2. Irrevocable Iowa Agreement and Declaration of Real Estate Business Trust: Unlike the revocable trust, this type of trust cannot be modified or terminated without the consent of all beneficiaries named in the agreement. It offers greater asset protection and long-term planning benefits. 3. Joint Iowa Agreement and Declaration of Real Estate Business Trust: This variation involves two or more beneficiaries who share control and decision-making authority over the trust's real estate assets. It allows for collaboration and joint management of properties. 4. Testamentary Iowa Agreement and Declaration of Real Estate Business Trust: This type of trust is established through a will and only takes effect upon the granter's death. It enables the smooth transfer and management of real estate assets according to the granter's wishes. These variations reflect the flexibility and customization options available when drafting an Iowa Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust. The specific type selected depends on the unique needs, goals, and preferences of the real estate business and its beneficiaries.
