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 Louisiana Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the terms and conditions of a real estate business trust in the state of Louisiana. Similarly, the Massachusetts Nominee Realty Trust is a legal entity created in Massachusetts for the purpose of holding and managing real estate assets. These entities have specific characteristics and obligations, including the requirement for trustees to act solely based on the directions given by the beneficiaries of the trust. In this context, the Louisiana Agreement and Declaration of Real Estate Business Trust and the Massachusetts Nominee Realty Trust are two different types of trusts designed for the management and administration of real estate assets. Both trusts have similar characteristics, but they are established in different states and must comply with the respective state laws. The primary feature of these trusts is that the trustees must act exclusively based on the instructions provided by the beneficiaries. This means that the trustees have a fiduciary duty to act in the best interests of the beneficiaries and must follow their directives regarding the management, acquisition, sale, or other actions related to the real estate assets held within the trust. The Louisiana Agreement and Declaration of Real Estate Business Trust may include additional provisions specific to Louisiana law. Conversely, the Massachusetts Nominee Realty Trust may have certain requirements and provisions unique to the state of Massachusetts. It is essential to consult the appropriate legal professionals and thoroughly understand the terms of each trust within the context of the applicable state law before establishing or entering into such agreements. In summary, the Louisiana Agreement and Declaration of Real Estate Business Trust and the Massachusetts Nominee Realty Trust are two distinct types of trusts that share the common characteristic of having trustees who must act solely based on the instructions of the beneficiaries. These trusts are created to efficiently manage and administer real estate assets while ensuring the protection of the beneficiaries' interests.The Louisiana Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the terms and conditions of a real estate business trust in the state of Louisiana. Similarly, the Massachusetts Nominee Realty Trust is a legal entity created in Massachusetts for the purpose of holding and managing real estate assets. These entities have specific characteristics and obligations, including the requirement for trustees to act solely based on the directions given by the beneficiaries of the trust. In this context, the Louisiana Agreement and Declaration of Real Estate Business Trust and the Massachusetts Nominee Realty Trust are two different types of trusts designed for the management and administration of real estate assets. Both trusts have similar characteristics, but they are established in different states and must comply with the respective state laws. The primary feature of these trusts is that the trustees must act exclusively based on the instructions provided by the beneficiaries. This means that the trustees have a fiduciary duty to act in the best interests of the beneficiaries and must follow their directives regarding the management, acquisition, sale, or other actions related to the real estate assets held within the trust. The Louisiana Agreement and Declaration of Real Estate Business Trust may include additional provisions specific to Louisiana law. Conversely, the Massachusetts Nominee Realty Trust may have certain requirements and provisions unique to the state of Massachusetts. It is essential to consult the appropriate legal professionals and thoroughly understand the terms of each trust within the context of the applicable state law before establishing or entering into such agreements. In summary, the Louisiana Agreement and Declaration of Real Estate Business Trust and the Massachusetts Nominee Realty Trust are two distinct types of trusts that share the common characteristic of having trustees who must act solely based on the instructions of the beneficiaries. These trusts are created to efficiently manage and administer real estate assets while ensuring the protection of the beneficiaries' interests.
