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 Chicago Illinois Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, is a legal document that establishes a trust in the state of Illinois and Massachusetts for the purpose of conducting real estate business. This trust allows individuals, known as beneficiaries, to benefit from the ownership and operations of real estate properties without being directly involved in their management. The trust is governed by trustees who are responsible for managing and controlling the trust's assets in accordance with the directives provided by the beneficiaries. The trustees do not have the authority to act independently but must act solely based on the instructions and decisions made by the beneficiaries. This agreement and declaration of real estate business trust typically includes various clauses and provisions to outline the specific rights, obligations, and responsibilities of the trustees and beneficiaries. It may include details about the trust's objectives, the appointment and removal of trustees, the distribution of income and profits, the acquisition and sale of properties, and any limitations or restrictions imposed on the trustees. Different types or variations of the Chicago Illinois Agreement and Declaration of Real Estate Business Trust may exist, depending on the specific requirements and preferences of the parties involved. These variations might include dissimilar provisions related to the duration of the trust, the involvement of multiple beneficiaries, the allocation of voting rights, or any specific terms related to the particular real estate business undertaken. In summary, the Chicago Illinois 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 a trust for conducting real estate business. It allows beneficiaries to benefit from the trust's activities without getting directly involved in management, while trustees are obligated to act solely according to the beneficiaries' instructions.The Chicago Illinois Agreement and Declaration of Real Estate Business Trust, also known as the Massachusetts Nominee Realty Trust, is a legal document that establishes a trust in the state of Illinois and Massachusetts for the purpose of conducting real estate business. This trust allows individuals, known as beneficiaries, to benefit from the ownership and operations of real estate properties without being directly involved in their management. The trust is governed by trustees who are responsible for managing and controlling the trust's assets in accordance with the directives provided by the beneficiaries. The trustees do not have the authority to act independently but must act solely based on the instructions and decisions made by the beneficiaries. This agreement and declaration of real estate business trust typically includes various clauses and provisions to outline the specific rights, obligations, and responsibilities of the trustees and beneficiaries. It may include details about the trust's objectives, the appointment and removal of trustees, the distribution of income and profits, the acquisition and sale of properties, and any limitations or restrictions imposed on the trustees. Different types or variations of the Chicago Illinois Agreement and Declaration of Real Estate Business Trust may exist, depending on the specific requirements and preferences of the parties involved. These variations might include dissimilar provisions related to the duration of the trust, the involvement of multiple beneficiaries, the allocation of voting rights, or any specific terms related to the particular real estate business undertaken. In summary, the Chicago Illinois 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 a trust for conducting real estate business. It allows beneficiaries to benefit from the trust's activities without getting directly involved in management, while trustees are obligated to act solely according to the beneficiaries' instructions.
