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 Hennepin Minnesota Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - 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 Hennepin County, Minnesota. This trust is specifically governed by the laws and regulations of the state of Massachusetts. The primary purpose of this agreement is to establish the Massachusetts Nominee Realty Trust as a legal entity responsible for holding and managing various real estate assets located in Hennepin County, Minnesota. The trust operates under the guidance and direction of the beneficiaries, who have the authority to direct the trustees on how to manage and utilize the trust's assets. The trustees of the Massachusetts Nominee Realty Trust are bound by the principle of acting solely as directed by the beneficiaries. This means that all decisions regarding the real estate assets must be made in accordance with the instructions and wishes of the beneficiaries. The trustees act as fiduciaries, carrying out their duties with utmost loyalty, diligence, and care to fulfill the objectives of the trust and maximize the benefits for the beneficiaries. Different types or variations of the Hennepin Minnesota Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include specific clauses or provisions tailored to meet the unique needs and requirements of different beneficiaries, properties, or real estate investment strategies. These variations could include specific instructions for property management, investment guidelines, tax planning, asset acquisition or disposition, and legal procedures to handle potential conflicts or disputes. In summary, the Hennepin Minnesota 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 Hennepin County, Minnesota. By appointing trustees to act solely in accordance with the beneficiaries' directions, this trust ensures that the assets are managed efficiently and in the best interest of the beneficiaries.The Hennepin Minnesota Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - 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 Hennepin County, Minnesota. This trust is specifically governed by the laws and regulations of the state of Massachusetts. The primary purpose of this agreement is to establish the Massachusetts Nominee Realty Trust as a legal entity responsible for holding and managing various real estate assets located in Hennepin County, Minnesota. The trust operates under the guidance and direction of the beneficiaries, who have the authority to direct the trustees on how to manage and utilize the trust's assets. The trustees of the Massachusetts Nominee Realty Trust are bound by the principle of acting solely as directed by the beneficiaries. This means that all decisions regarding the real estate assets must be made in accordance with the instructions and wishes of the beneficiaries. The trustees act as fiduciaries, carrying out their duties with utmost loyalty, diligence, and care to fulfill the objectives of the trust and maximize the benefits for the beneficiaries. Different types or variations of the Hennepin Minnesota Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include specific clauses or provisions tailored to meet the unique needs and requirements of different beneficiaries, properties, or real estate investment strategies. These variations could include specific instructions for property management, investment guidelines, tax planning, asset acquisition or disposition, and legal procedures to handle potential conflicts or disputes. In summary, the Hennepin Minnesota 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 Hennepin County, Minnesota. By appointing trustees to act solely in accordance with the beneficiaries' directions, this trust ensures that the assets are managed efficiently and in the best interest of the beneficiaries.
