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 Illinois Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Illinois. This trust is named Massachusetts Nominee Realty Trust and operates under specific conditions wherein the trustees are only permitted to act based on the directives given by the beneficiaries. In this agreement, several key elements are outlined to ensure the proper functioning and management of the real estate business trust. The document specifies the roles and responsibilities of both the trustees and beneficiaries, highlighting the trust's purpose and objectives. The trustees appointed under this agreement are obliged to act solely in accordance with the directives provided by the beneficiaries. This ensures that the trustees do not have discretionary powers but rather act as agents on behalf of the beneficiaries, carrying out their instructions exactly as directed. The Illinois Agreement and Declaration of Real Estate Business Trust also addresses various matters related to the administration and operation of the trust. It delineates the rights and obligations of the trustees, including their duties to manage and oversee the real estate properties held within the trust. Furthermore, the agreement may include provisions outlining the distribution of profits and losses among the beneficiaries, the procedure for adding or removing beneficiaries, and the mechanisms for dispute resolution among the involved parties. It is important to note that while the Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a specific form of trust, there may be other types of agreements and declarations related to real estate business trusts in Illinois. These alternate agreements could have different stipulations and may be tailored to suit specific circumstances or objectives. Overall, the Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal instrument designed to establish a real estate business trust in Illinois. By outlining the roles, responsibilities, and directives for trustees, it ensures that the beneficiaries maintain control over the trust's operations and decision-making processes.The Illinois Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Illinois. This trust is named Massachusetts Nominee Realty Trust and operates under specific conditions wherein the trustees are only permitted to act based on the directives given by the beneficiaries. In this agreement, several key elements are outlined to ensure the proper functioning and management of the real estate business trust. The document specifies the roles and responsibilities of both the trustees and beneficiaries, highlighting the trust's purpose and objectives. The trustees appointed under this agreement are obliged to act solely in accordance with the directives provided by the beneficiaries. This ensures that the trustees do not have discretionary powers but rather act as agents on behalf of the beneficiaries, carrying out their instructions exactly as directed. The Illinois Agreement and Declaration of Real Estate Business Trust also addresses various matters related to the administration and operation of the trust. It delineates the rights and obligations of the trustees, including their duties to manage and oversee the real estate properties held within the trust. Furthermore, the agreement may include provisions outlining the distribution of profits and losses among the beneficiaries, the procedure for adding or removing beneficiaries, and the mechanisms for dispute resolution among the involved parties. It is important to note that while the Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a specific form of trust, there may be other types of agreements and declarations related to real estate business trusts in Illinois. These alternate agreements could have different stipulations and may be tailored to suit specific circumstances or objectives. Overall, the Illinois Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal instrument designed to establish a real estate business trust in Illinois. By outlining the roles, responsibilities, and directives for trustees, it ensures that the beneficiaries maintain control over the trust's operations and decision-making processes.
