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 Fairfax Virginia Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the guidelines and framework for a trust in the state of Virginia. Specifically, the trust created under this agreement operates as a Massachusetts Nominee Realty Trust. It grants certain responsibilities and powers to the trustees, while ensuring that they can only act according to the directives provided by the beneficiaries of the trust. Keywords: Fairfax Virginia Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, trustees, beneficiaries, legal document, trust framework, Virginia trust laws, real estate trust. Different types of Fairfax Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include: 1. Residential Property Trust: This type of trust focuses on residential real estate properties, such as single-family homes, multi-unit apartment buildings, or condominium complexes. The trustees manage and oversee the rental or sale of these properties in accordance with the beneficiaries' instructions. 2. Commercial Property Trust: This category of trust is designed for commercial real estate properties, such as office buildings, retail spaces, or industrial complexes. Trustees in this type of trust handle matters related to leasing, maintenance, and overall management of the commercial properties, all according to the beneficiaries' directions. 3. Mixed-Use Property Trust: A mixed-use property trust combines both residential and commercial real estate assets. In such trusts, trustees are responsible for managing a diverse portfolio of properties with varying purposes, ensuring that the beneficiaries' intentions for each property are fulfilled. 4. Land Trust: Land trusts primarily focus on preserving and protecting land, whether for environmental, historical, or recreational purposes. Trustees may be entrusted with managing conservation easements, negotiating with developers, or overseeing recreational activities on the land, subject to the beneficiaries' instructions. 5. Multi-property Trust: This type of trust encompasses multiple properties of different types, such as residential, commercial, or land. It allows beneficiaries to consolidate their real estate holdings under one trust while designating trustees to manage the properties based on specific instructions provided by the beneficiaries. The Fairfax Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust ensures that trustees act solely under the direction of the beneficiaries, protecting their interests and providing a structured framework for the efficient management of real estate assets.The Fairfax Virginia Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the guidelines and framework for a trust in the state of Virginia. Specifically, the trust created under this agreement operates as a Massachusetts Nominee Realty Trust. It grants certain responsibilities and powers to the trustees, while ensuring that they can only act according to the directives provided by the beneficiaries of the trust. Keywords: Fairfax Virginia Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, trustees, beneficiaries, legal document, trust framework, Virginia trust laws, real estate trust. Different types of Fairfax Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include: 1. Residential Property Trust: This type of trust focuses on residential real estate properties, such as single-family homes, multi-unit apartment buildings, or condominium complexes. The trustees manage and oversee the rental or sale of these properties in accordance with the beneficiaries' instructions. 2. Commercial Property Trust: This category of trust is designed for commercial real estate properties, such as office buildings, retail spaces, or industrial complexes. Trustees in this type of trust handle matters related to leasing, maintenance, and overall management of the commercial properties, all according to the beneficiaries' directions. 3. Mixed-Use Property Trust: A mixed-use property trust combines both residential and commercial real estate assets. In such trusts, trustees are responsible for managing a diverse portfolio of properties with varying purposes, ensuring that the beneficiaries' intentions for each property are fulfilled. 4. Land Trust: Land trusts primarily focus on preserving and protecting land, whether for environmental, historical, or recreational purposes. Trustees may be entrusted with managing conservation easements, negotiating with developers, or overseeing recreational activities on the land, subject to the beneficiaries' instructions. 5. Multi-property Trust: This type of trust encompasses multiple properties of different types, such as residential, commercial, or land. It allows beneficiaries to consolidate their real estate holdings under one trust while designating trustees to manage the properties based on specific instructions provided by the beneficiaries. The Fairfax Virginia Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust ensures that trustees act solely under the direction of the beneficiaries, protecting their interests and providing a structured framework for the efficient management of real estate assets.
