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 Utah Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legal document outlining the establishment and operation of a real estate business trust. This type of trust limits the role of trustees, ensuring they only act upon directions from the beneficiaries. The Utah Agreement and Declaration of Real Estate Business Trust provides a comprehensive framework within which real estate assets can be managed and utilized effectively. It establishes the Massachusetts Nominee Realty Trust, which is a specific form of real estate trust prevalent in the state of Massachusetts. Under this agreement, trustees are legally bound to carry out their duties solely based on the instructions and directions of the beneficiaries. This ensures that the interests and objectives of the beneficiaries are consistently prioritized and protected throughout all business transactions and decision-making processes. The trust agreement further delineates the responsibilities, powers, and limitations of the trustees. It clarifies their fiduciary obligations and establishes guidelines regarding the management, acquisition, development, maintenance, leasing, and disposal of real estate assets held within the trust. Additionally, the Utah Agreement and Declaration of Real Estate Business Trust may include provisions regarding the distribution of income and profits generated from the real estate holdings, mechanisms for dispute resolution, the appointment and removal of trustees, and the duration and termination of the trust. It's important to note that while the Utah Agreement and Declaration of Real Estate Business Trust may be a generic template applicable to any individual or entity wishing to establish such a trust, the mention of Massachusetts Nominee Realty Trust suggests that it is tailored specifically to comply with the laws and regulations of Massachusetts. This highlights its relevance and suitability within the jurisdiction. Different types of Utah Agreement and Declaration of Real Estate Business Trust may exist, varying in terms of the purpose and goals of the trust, the specific nature of the real estate assets included, and the desired structure and governance framework. However, it's important to consult the specific terms of the trust agreement to ascertain any variations or modifications applicable to these different types.The Utah Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust, is a legal document outlining the establishment and operation of a real estate business trust. This type of trust limits the role of trustees, ensuring they only act upon directions from the beneficiaries. The Utah Agreement and Declaration of Real Estate Business Trust provides a comprehensive framework within which real estate assets can be managed and utilized effectively. It establishes the Massachusetts Nominee Realty Trust, which is a specific form of real estate trust prevalent in the state of Massachusetts. Under this agreement, trustees are legally bound to carry out their duties solely based on the instructions and directions of the beneficiaries. This ensures that the interests and objectives of the beneficiaries are consistently prioritized and protected throughout all business transactions and decision-making processes. The trust agreement further delineates the responsibilities, powers, and limitations of the trustees. It clarifies their fiduciary obligations and establishes guidelines regarding the management, acquisition, development, maintenance, leasing, and disposal of real estate assets held within the trust. Additionally, the Utah Agreement and Declaration of Real Estate Business Trust may include provisions regarding the distribution of income and profits generated from the real estate holdings, mechanisms for dispute resolution, the appointment and removal of trustees, and the duration and termination of the trust. It's important to note that while the Utah Agreement and Declaration of Real Estate Business Trust may be a generic template applicable to any individual or entity wishing to establish such a trust, the mention of Massachusetts Nominee Realty Trust suggests that it is tailored specifically to comply with the laws and regulations of Massachusetts. This highlights its relevance and suitability within the jurisdiction. Different types of Utah Agreement and Declaration of Real Estate Business Trust may exist, varying in terms of the purpose and goals of the trust, the specific nature of the real estate assets included, and the desired structure and governance framework. However, it's important to consult the specific terms of the trust agreement to ascertain any variations or modifications applicable to these different types.
