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 Kansas Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the structure and guidelines for a specific type of trust known as the Massachusetts Nominee Realty Trust. This trust is commonly used in the real estate industry in Massachusetts and is governed by specific laws and regulations. The purpose of the Kansas Agreement and Declaration of Real Estate Business Trust is to provide a legal framework for the management and operation of the trust. It outlines the roles and responsibilities of the trustees, beneficiaries, and other parties involved. One of the key features of this trust is that the trustees are obligated to act only as directed by the beneficiaries. This means that the beneficiaries have the ultimate control and authority over the trust, including decisions regarding property management, investment strategies, and distributions of income or assets. The trust agreement also specifies the terms and conditions under which the trust can be terminated or modified. It may include provisions for the appointment of new trustees, the addition or removal of beneficiaries, or the sale or transfer of trust assets. Different types or variations of the Kansas Agreement and Declaration of Real Estate Business Trust may exist, depending on the specific requirements or preferences of the parties involved. One such variation may involve the inclusion of specific clauses related to tax planning or asset protection strategies for the beneficiaries. Another variation may pertain to the duration of the trust or the nature of the real estate assets that can be held within it. In summary, the Kansas 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 establishes a trust structure specifically tailored for real estate business purposes in Massachusetts. It ensures that the beneficiaries have full control and authority over the trust, with trustees acting solely based on their directions.The Kansas Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the structure and guidelines for a specific type of trust known as the Massachusetts Nominee Realty Trust. This trust is commonly used in the real estate industry in Massachusetts and is governed by specific laws and regulations. The purpose of the Kansas Agreement and Declaration of Real Estate Business Trust is to provide a legal framework for the management and operation of the trust. It outlines the roles and responsibilities of the trustees, beneficiaries, and other parties involved. One of the key features of this trust is that the trustees are obligated to act only as directed by the beneficiaries. This means that the beneficiaries have the ultimate control and authority over the trust, including decisions regarding property management, investment strategies, and distributions of income or assets. The trust agreement also specifies the terms and conditions under which the trust can be terminated or modified. It may include provisions for the appointment of new trustees, the addition or removal of beneficiaries, or the sale or transfer of trust assets. Different types or variations of the Kansas Agreement and Declaration of Real Estate Business Trust may exist, depending on the specific requirements or preferences of the parties involved. One such variation may involve the inclusion of specific clauses related to tax planning or asset protection strategies for the beneficiaries. Another variation may pertain to the duration of the trust or the nature of the real estate assets that can be held within it. In summary, the Kansas 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 establishes a trust structure specifically tailored for real estate business purposes in Massachusetts. It ensures that the beneficiaries have full control and authority over the trust, with trustees acting solely based on their directions.
