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 Missouri Agreement and Declaration of Real Estate Business Trust is a legal document that serves as the foundation for the establishment and operation of a real estate business trust in the state of Missouri. This trust is commonly known as the Massachusetts Nominee Realty Trust and places specific restrictions on the trustees, ensuring they act solely according to the direction and instructions provided by the beneficiaries. Key features of the Missouri Agreement and Declaration of Real Estate Business Trust include the following: 1. Trust Formation: This document outlines the necessary steps and requirements for establishing the Massachusetts Nominee Realty Trust in Missouri. It specifies the parties involved, such as the trustees and beneficiaries, and provides a clear understanding of their roles and responsibilities within the trust structure. 2. Trustee's Role: The agreement states that the trustees of the Massachusetts Nominee Realty Trust are obligated to act solely based on the direction and explicit instructions given by the beneficiaries. Trustees are prohibited from making any independent decisions or taking actions not explicitly authorized by the beneficiaries. 3. Beneficiaries' Authority: The beneficiaries hold significant power and control in this trust arrangement. They are responsible for providing comprehensive direction to the trustees, clearly outlining their expectations and requirements regarding the management and disposition of real estate assets held within the trust. 4. Real Estate Asset Management: The agreement addresses the management of real estate assets within the trust. It specifies that the trustees must diligently oversee the properties, including maintaining, leasing, selling, or buying real estate, as directed by the beneficiaries. The trustees are obligated to act in the best interests of the beneficiaries at all times. 5. Trust Dissolution: In the event that the Massachusetts Nominee Realty Trust comes to an end, the agreement provides guidelines for trust termination and asset distribution. It outlines the process through which beneficiaries receive their share of the proceeds or assets, ensuring that the dissolution and distribution are conducted according to the beneficiaries' instructions. There are no distinct types or variations of the Missouri Agreement and Declaration of Real Estate Business Trust beyond what is described above. However, specific conditions or adaptations may be made to the document to tailor it to the unique circumstances and preferences of the parties involved.The Missouri Agreement and Declaration of Real Estate Business Trust is a legal document that serves as the foundation for the establishment and operation of a real estate business trust in the state of Missouri. This trust is commonly known as the Massachusetts Nominee Realty Trust and places specific restrictions on the trustees, ensuring they act solely according to the direction and instructions provided by the beneficiaries. Key features of the Missouri Agreement and Declaration of Real Estate Business Trust include the following: 1. Trust Formation: This document outlines the necessary steps and requirements for establishing the Massachusetts Nominee Realty Trust in Missouri. It specifies the parties involved, such as the trustees and beneficiaries, and provides a clear understanding of their roles and responsibilities within the trust structure. 2. Trustee's Role: The agreement states that the trustees of the Massachusetts Nominee Realty Trust are obligated to act solely based on the direction and explicit instructions given by the beneficiaries. Trustees are prohibited from making any independent decisions or taking actions not explicitly authorized by the beneficiaries. 3. Beneficiaries' Authority: The beneficiaries hold significant power and control in this trust arrangement. They are responsible for providing comprehensive direction to the trustees, clearly outlining their expectations and requirements regarding the management and disposition of real estate assets held within the trust. 4. Real Estate Asset Management: The agreement addresses the management of real estate assets within the trust. It specifies that the trustees must diligently oversee the properties, including maintaining, leasing, selling, or buying real estate, as directed by the beneficiaries. The trustees are obligated to act in the best interests of the beneficiaries at all times. 5. Trust Dissolution: In the event that the Massachusetts Nominee Realty Trust comes to an end, the agreement provides guidelines for trust termination and asset distribution. It outlines the process through which beneficiaries receive their share of the proceeds or assets, ensuring that the dissolution and distribution are conducted according to the beneficiaries' instructions. There are no distinct types or variations of the Missouri Agreement and Declaration of Real Estate Business Trust beyond what is described above. However, specific conditions or adaptations may be made to the document to tailor it to the unique circumstances and preferences of the parties involved.
