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.
Riverside California Nominee Trust
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How to fill out Riverside California Nominee Trust?
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FAQ
In summary, Nominee Trusts provide anonymity, avoidance of probate, the ability of the beneficiaries to decide to terminate the trust and take title to the trust property, in addition to protecting your real property from MassHealth.
A trust is not a public record. So, the general public or anyone who is not a beneficiary does not have a right to know about the assets in your trust.
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoint another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property.
Trustee vs. Beneficiary. A Trustee is a person or persons designated by trust instruments to distribute the estate assets to the trust beneficiaries. A beneficiary is an individual or entity who will receive the trust assets once the Trustee fulfills their fiduciary obligation to the Trustor.
For the purpose of this publication, a 'nominee' is someone who holds the title to the property of a charitable trust (or some part of that property) on behalf of its trustees as a whole. The nominee is the person whose name will be entered on the share register of any company whose shares are held by the trust.
And you cannot go to any other California government office and ask to see the Trust. Trusts are private documents and they typically remain private even after someone dies. The only way to obtain a copy of the Trust is to demand a copy from the Trustee (or whoever has a copy of the documents, if not the Trustee).
The property is held in the name of the trustee (or trustees), but the trustee has no discretion over the assets held in trust. The trustee of a bare trust is a mere nominee, in whose name the property is held. Except in the case of bare trusts for minors, the trustee has no active duties to perform.
A Nominee is a person whom you can list in your investment or bank application as the person who can receive the proceeds of your account in case of your unexpected death. The nominee can be anyone you deem to be your first relative - your parents, spouse, kids, siblings etc.
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoint another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property.
If you can't find original living trust documents, you can contact the California Bar Association for assistance. Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust.