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.
Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust: Trustees to Act only as Directed by Beneficiaries The Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust refers to a legal document that outlines the establishment and governance of a real estate business trust in Rhode Island. This type of trust is commonly used in the real estate industry to provide asset protection, tax benefits, and efficient property management. It is essential to understand that there may not be specific types of this particular trust, as it primarily pertains to the structure and guidelines of a real estate business trust operating in Rhode Island while using a Massachusetts nominee realty trust framework. However, there may be variations based on the preferences, requirements, and intricacies of each individual trust arrangement. Key Keywords: 1. Rhode Island Agreement: The agreement that formalizes the establishment of a real estate business trust in Rhode Island, setting forth the rights, responsibilities, and obligations of the trustees and beneficiaries involved. 2. Declaration of Real Estate Business Trust: The legal declaration that identifies the intent and purpose of the trust, including the management and operation of real estate assets, as well as the powers and limitations of the trustees. 3. Massachusetts Nominee Realty Trust: A framework used in the creation of a real estate business trust, wherein Massachusetts law is followed to establish a nominee trust structure. 4. Trustees as Directed by Beneficiaries: This clause indicates that the trustees of the trust must act solely based on the instructions and directions of the beneficiaries, ensuring that their interests and wishes are prioritized and implemented accordingly. It is essential to consult a qualified attorney or legal expert to understand the specific requirements and implications of a Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust. They can provide tailored guidance, outline the specific types or variations that may exist, and help with the proper drafting and execution of such trusts.Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust: Trustees to Act only as Directed by Beneficiaries The Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust refers to a legal document that outlines the establishment and governance of a real estate business trust in Rhode Island. This type of trust is commonly used in the real estate industry to provide asset protection, tax benefits, and efficient property management. It is essential to understand that there may not be specific types of this particular trust, as it primarily pertains to the structure and guidelines of a real estate business trust operating in Rhode Island while using a Massachusetts nominee realty trust framework. However, there may be variations based on the preferences, requirements, and intricacies of each individual trust arrangement. Key Keywords: 1. Rhode Island Agreement: The agreement that formalizes the establishment of a real estate business trust in Rhode Island, setting forth the rights, responsibilities, and obligations of the trustees and beneficiaries involved. 2. Declaration of Real Estate Business Trust: The legal declaration that identifies the intent and purpose of the trust, including the management and operation of real estate assets, as well as the powers and limitations of the trustees. 3. Massachusetts Nominee Realty Trust: A framework used in the creation of a real estate business trust, wherein Massachusetts law is followed to establish a nominee trust structure. 4. Trustees as Directed by Beneficiaries: This clause indicates that the trustees of the trust must act solely based on the instructions and directions of the beneficiaries, ensuring that their interests and wishes are prioritized and implemented accordingly. It is essential to consult a qualified attorney or legal expert to understand the specific requirements and implications of a Rhode Island Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust. They can provide tailored guidance, outline the specific types or variations that may exist, and help with the proper drafting and execution of such trusts.
