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 Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legally binding document that establishes a trust structure for conducting real estate business in Cuyahoga County, Ohio. This trust arrangement is specifically designed for Massachusetts-based nominees and trustees who are required to act solely as directed by their beneficiaries. Here is a detailed description of the agreement and its various types: 1. Purpose: The Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust serves the purpose of facilitating real estate investments and transactions within the jurisdiction of Cuyahoga County, Ohio. It outlines the rights, responsibilities, and limitations of the Massachusetts Nominee Realty Trust and its trustees. 2. Trust Structure: This agreement sets up a trust structure under which the Massachusetts Nominee Realty Trust operates. The trust is established to hold and manage real estate properties located in Cuyahoga County on behalf of the beneficiaries. The trustees, who are residents of Massachusetts, have a fiduciary duty to manage and administer these properties as directed by the beneficiaries. 3. Beneficiaries: The beneficiaries of the trust are individuals, organizations, or entities with a vested interest in the real estate holdings of the Massachusetts Nominee Realty Trust. They have the authority to direct the actions, decisions, and transactions undertaken by the trustees. The agreement specifies the rights and powers of the beneficiaries, including the ability to appoint and remove trustees. 4. Trustees' Duties: The trustees, as outlined in the agreement, are bound to act solely according to the instructions and directives provided by the beneficiaries. Their duties include managing the trust's real estate portfolio, executing purchase and sale agreements, leasing properties, collecting rents, and handling other related administrative tasks. The trustees must ensure that their actions comply with applicable laws and regulations in both Massachusetts and Cuyahoga County, Ohio. 5. Types of Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust: While the core principles of the agreement remain the same, specific variations may exist based on individual real estate business requirements. These could include provisions related to tax planning, asset protection, estate planning, or specific directions for the trustees. Different types of this agreement may accommodate diverse trust structures to meet the unique needs of various beneficiaries and trustees involved in real estate dealings within Cuyahoga County. In summary, the Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a comprehensive legal document that establishes a trust arrangement for Massachusetts nominees and trustees engaged in real estate business within Cuyahoga County. The agreement outlines the purpose, trust structure, beneficiaries' rights, trustees' duties, and can be customized to cater to different types of trust arrangements based on specific requirements.The Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legally binding document that establishes a trust structure for conducting real estate business in Cuyahoga County, Ohio. This trust arrangement is specifically designed for Massachusetts-based nominees and trustees who are required to act solely as directed by their beneficiaries. Here is a detailed description of the agreement and its various types: 1. Purpose: The Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust serves the purpose of facilitating real estate investments and transactions within the jurisdiction of Cuyahoga County, Ohio. It outlines the rights, responsibilities, and limitations of the Massachusetts Nominee Realty Trust and its trustees. 2. Trust Structure: This agreement sets up a trust structure under which the Massachusetts Nominee Realty Trust operates. The trust is established to hold and manage real estate properties located in Cuyahoga County on behalf of the beneficiaries. The trustees, who are residents of Massachusetts, have a fiduciary duty to manage and administer these properties as directed by the beneficiaries. 3. Beneficiaries: The beneficiaries of the trust are individuals, organizations, or entities with a vested interest in the real estate holdings of the Massachusetts Nominee Realty Trust. They have the authority to direct the actions, decisions, and transactions undertaken by the trustees. The agreement specifies the rights and powers of the beneficiaries, including the ability to appoint and remove trustees. 4. Trustees' Duties: The trustees, as outlined in the agreement, are bound to act solely according to the instructions and directives provided by the beneficiaries. Their duties include managing the trust's real estate portfolio, executing purchase and sale agreements, leasing properties, collecting rents, and handling other related administrative tasks. The trustees must ensure that their actions comply with applicable laws and regulations in both Massachusetts and Cuyahoga County, Ohio. 5. Types of Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust: While the core principles of the agreement remain the same, specific variations may exist based on individual real estate business requirements. These could include provisions related to tax planning, asset protection, estate planning, or specific directions for the trustees. Different types of this agreement may accommodate diverse trust structures to meet the unique needs of various beneficiaries and trustees involved in real estate dealings within Cuyahoga County. In summary, the Cuyahoga Ohio Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a comprehensive legal document that establishes a trust arrangement for Massachusetts nominees and trustees engaged in real estate business within Cuyahoga County. The agreement outlines the purpose, trust structure, beneficiaries' rights, trustees' duties, and can be customized to cater to different types of trust arrangements based on specific requirements.
