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.
Description: The Virginia Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Virginia. This trust is known specifically as the Massachusetts Nominee Realty Trust, and its trustees are required to act only as directed by the beneficiaries. In this agreement, the trust is created for the purpose of acquiring, holding, managing, and disposing of real estate properties in the state of Virginia. The Massachusetts Nominee Realty Trust is designed to provide various benefits and advantages to the beneficiaries, offering a flexible form of real estate ownership. The trustees of the Massachusetts Nominee Realty Trust have a crucial role in managing the trust's affairs. They are responsible for executing the wishes and directions of the beneficiaries, acting only within the scope set forth by the agreement. The trustees must act in the best interest of the beneficiaries, ensuring that the real estate properties are properly maintained and managed. Furthermore, the Virginia Agreement and Declaration of Real Estate Business Trust recognizes that there may be different types or variations of this trust. While specific names of alternate trust types are not mentioned, it is common for real estate business trusts to have various structures and characteristics depending on the specific needs of the beneficiaries. In conclusion, the Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal agreement that establishes a trust for real estate purposes. It ensures that the trustees act solely under the direction of the beneficiaries and outlines the responsibilities and objectives of the trust.Description: The Virginia Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Virginia. This trust is known specifically as the Massachusetts Nominee Realty Trust, and its trustees are required to act only as directed by the beneficiaries. In this agreement, the trust is created for the purpose of acquiring, holding, managing, and disposing of real estate properties in the state of Virginia. The Massachusetts Nominee Realty Trust is designed to provide various benefits and advantages to the beneficiaries, offering a flexible form of real estate ownership. The trustees of the Massachusetts Nominee Realty Trust have a crucial role in managing the trust's affairs. They are responsible for executing the wishes and directions of the beneficiaries, acting only within the scope set forth by the agreement. The trustees must act in the best interest of the beneficiaries, ensuring that the real estate properties are properly maintained and managed. Furthermore, the Virginia Agreement and Declaration of Real Estate Business Trust recognizes that there may be different types or variations of this trust. While specific names of alternate trust types are not mentioned, it is common for real estate business trusts to have various structures and characteristics depending on the specific needs of the beneficiaries. In conclusion, the Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal agreement that establishes a trust for real estate purposes. It ensures that the trustees act solely under the direction of the beneficiaries and outlines the responsibilities and objectives of the trust.
