A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Nominee Trust
Description Nominee Trust
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Totten Trust Example Form popularity
Nominee Realty Trust Other Form Names
Living Trust Terms FAQ
There are three main ways for a beneficiary to receive an inheritance from a trust: Outright distributions. Staggered distributions. Discretionary distributions.
Nominee realty trusts are a hybrid between true trusts and agency agreements where one or more individuals are appointed to act for others. Typically, the trustee or trustees of a nominee trust act on behalf of beneficiaries named in a separate document.
A nominee trust is an example of a bare trust: this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, and where there are no restrictions beneficiary's right to use the property.
Living trusts, Totten trusts, and nominee trusts are the main types of revocable trusts. They can be revoked, amended, or terminated by the trust grantor, the person who creates the trust, any time before his or her death.
As the grantor, you can sell properties in a revocable trust the same way you would sell any other property titled in your own name. You can take the property out of the trust and retitle it in your name, but that isn't necessary.
Trustee is the person who take care of the money payout based on your trust deed. Nominee is the person you nominate to claim the death payout from your life insurance. Beneficiary is the person who can use and enjoy the death payout from your life insurance.