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 Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust — Trustees to Act only as Directed by Beneficiaries, is a legal document that outlines the terms and conditions of a real estate business trust in Allegheny, Pennsylvania. This trust is established with the purpose of holding and managing properties and assets on behalf of its beneficiaries. The Agreement and Declaration of the Trust emphasizes that the trustees have the responsibility to act solely based on the instructions and directives provided by the beneficiaries. This means that the trustees cannot make any decisions or take actions regarding the trust's assets without the explicit consent and authorization from the beneficiaries. In terms of different types of this trust, there may be variations based on the specific terms and conditions within the Agreement and Declaration. These differences may include the nature of the real estate assets held by the trust, the number of beneficiaries involved, and the duration of the trust. It is important to note that each Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust, particularly the Massachusetts Nominee Realty Trust — Trustees to Act only as Directed by Beneficiaries, will have its own unique set of provisions and guidelines. Consequently, it is essential for all parties involved to thoroughly review and understand the terms before entering into such an agreement. In conclusion, the Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that establishes the framework for a real estate business trust in Allegheny, Pennsylvania. The trust is administered by trustees who are obligated to carry out the wishes and instructions of the beneficiaries.The Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust, specifically the Massachusetts Nominee Realty Trust — Trustees to Act only as Directed by Beneficiaries, is a legal document that outlines the terms and conditions of a real estate business trust in Allegheny, Pennsylvania. This trust is established with the purpose of holding and managing properties and assets on behalf of its beneficiaries. The Agreement and Declaration of the Trust emphasizes that the trustees have the responsibility to act solely based on the instructions and directives provided by the beneficiaries. This means that the trustees cannot make any decisions or take actions regarding the trust's assets without the explicit consent and authorization from the beneficiaries. In terms of different types of this trust, there may be variations based on the specific terms and conditions within the Agreement and Declaration. These differences may include the nature of the real estate assets held by the trust, the number of beneficiaries involved, and the duration of the trust. It is important to note that each Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust, particularly the Massachusetts Nominee Realty Trust — Trustees to Act only as Directed by Beneficiaries, will have its own unique set of provisions and guidelines. Consequently, it is essential for all parties involved to thoroughly review and understand the terms before entering into such an agreement. In conclusion, the Allegheny Pennsylvania Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legally binding document that establishes the framework for a real estate business trust in Allegheny, Pennsylvania. The trust is administered by trustees who are obligated to carry out the wishes and instructions of the beneficiaries.
