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 Idaho 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 real estate business trust in Idaho. This trust operates under the laws and regulations of the state of Idaho and provides a framework for managing and conducting real estate business activities. The purpose of this trust is to hold and manage real estate properties on behalf of the beneficiaries. The beneficiaries are individuals or entities that have a beneficial interest in the trust and can direct the trustees in the management and operation of the real estate properties. The trustees of the trust are individuals or entities appointed by the beneficiaries to act as custodians of the real estate properties. They hold legal title to the properties but are obligated to act only as directed by the beneficiaries. This means that they must carry out the instructions and decisions made by the beneficiaries regarding the trust's investments, management, leasing, and selling of the properties. The Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a comprehensive document that outlines the rights, responsibilities, and obligations of all parties involved. It ensures transparency, accountability, and effective communication between the trustees and beneficiaries. Different types of Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations in the number of trustees, the scope of authority given to the trustees, and the specific terms and conditions regarding the management and operation of the real estate properties. Variations may also depend on the specific goals and objectives of the beneficiaries and the nature of the real estate business involved. Overall, the Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries provides a legal structure that allows for the effective management and operation of real estate properties, ensuring the protection of the beneficiaries' interests and the efficient execution of their directions and decisions.The Idaho 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 real estate business trust in Idaho. This trust operates under the laws and regulations of the state of Idaho and provides a framework for managing and conducting real estate business activities. The purpose of this trust is to hold and manage real estate properties on behalf of the beneficiaries. The beneficiaries are individuals or entities that have a beneficial interest in the trust and can direct the trustees in the management and operation of the real estate properties. The trustees of the trust are individuals or entities appointed by the beneficiaries to act as custodians of the real estate properties. They hold legal title to the properties but are obligated to act only as directed by the beneficiaries. This means that they must carry out the instructions and decisions made by the beneficiaries regarding the trust's investments, management, leasing, and selling of the properties. The Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a comprehensive document that outlines the rights, responsibilities, and obligations of all parties involved. It ensures transparency, accountability, and effective communication between the trustees and beneficiaries. Different types of Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations in the number of trustees, the scope of authority given to the trustees, and the specific terms and conditions regarding the management and operation of the real estate properties. Variations may also depend on the specific goals and objectives of the beneficiaries and the nature of the real estate business involved. Overall, the Idaho Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries provides a legal structure that allows for the effective management and operation of real estate properties, ensuring the protection of the beneficiaries' interests and the efficient execution of their directions and decisions.
