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 Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that outlines the terms and conditions for a real estate business trust in Houston, Texas. This agreement is specific to the state of Massachusetts and includes provisions stating that the trustees of the trust can only act upon the direction and instructions given by the beneficiaries. Some important keywords associated with this agreement are: 1. Houston, Texas: Refers to the location where the real estate business trust is established. Houston is a major city in Texas known for its vibrant economy and real estate market. 2. Agreement and Declaration: Indicates that the document serves as both a legally binding agreement and a formal declaration of the establishment and purpose of the business trust. 3. Real Estate Business Trust: Describes the type of trust being created, specifically for the purpose of engaging in real estate-related activities such as investing, managing properties, and generating income. 4. Massachusetts: Represents the state jurisdiction under which the trust is formed. Massachusetts has its own unique laws and regulations governing business trusts. 5. Nominee Realty Trust: Refers to the specific type of business trust being established. A nominee realty trust is commonly used in Massachusetts for privacy and asset protection purposes. 6. Trustees: Individuals or entities appointed to oversee and manage the affairs of the business trust. The trustees are responsible for acting in accordance with the directions provided by the beneficiaries. Different types or variations of the Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include: 1. Revocable Trust: A trust that can be modified, amended, or terminated by the granter or beneficiaries. 2. Irrevocable Trust: A trust that cannot be changed or terminated once established, except under specific circumstances outlined in the agreement. 3. Joint Real Estate Trust: A trust where multiple individuals or entities collaborate in the ownership and management of real estate properties. 4. Land Trust: A trust specifically focused on holding and managing land assets. 5. Commercial Real Estate Trust: A trust solely dedicated to the ownership and operation of commercial properties like office buildings, shopping centers, or industrial complexes. It is important to consult with a legal professional specializing in real estate law to fully understand the complexities and implications of the Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust, as well as any specific types or variations based on individual circumstances.The Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that outlines the terms and conditions for a real estate business trust in Houston, Texas. This agreement is specific to the state of Massachusetts and includes provisions stating that the trustees of the trust can only act upon the direction and instructions given by the beneficiaries. Some important keywords associated with this agreement are: 1. Houston, Texas: Refers to the location where the real estate business trust is established. Houston is a major city in Texas known for its vibrant economy and real estate market. 2. Agreement and Declaration: Indicates that the document serves as both a legally binding agreement and a formal declaration of the establishment and purpose of the business trust. 3. Real Estate Business Trust: Describes the type of trust being created, specifically for the purpose of engaging in real estate-related activities such as investing, managing properties, and generating income. 4. Massachusetts: Represents the state jurisdiction under which the trust is formed. Massachusetts has its own unique laws and regulations governing business trusts. 5. Nominee Realty Trust: Refers to the specific type of business trust being established. A nominee realty trust is commonly used in Massachusetts for privacy and asset protection purposes. 6. Trustees: Individuals or entities appointed to oversee and manage the affairs of the business trust. The trustees are responsible for acting in accordance with the directions provided by the beneficiaries. Different types or variations of the Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may include: 1. Revocable Trust: A trust that can be modified, amended, or terminated by the granter or beneficiaries. 2. Irrevocable Trust: A trust that cannot be changed or terminated once established, except under specific circumstances outlined in the agreement. 3. Joint Real Estate Trust: A trust where multiple individuals or entities collaborate in the ownership and management of real estate properties. 4. Land Trust: A trust specifically focused on holding and managing land assets. 5. Commercial Real Estate Trust: A trust solely dedicated to the ownership and operation of commercial properties like office buildings, shopping centers, or industrial complexes. It is important to consult with a legal professional specializing in real estate law to fully understand the complexities and implications of the Houston Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust, as well as any specific types or variations based on individual circumstances.
