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.
Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust in Philadelphia, Pennsylvania, in the United States. This trust, known as the Massachusetts Nominee Realty Trust, operates under specific guidelines where trustees are required to act only as directed by the beneficiaries. The Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust outlines the terms and conditions for the operation of the trust. It typically includes information regarding the purpose of the trust, the identification of trustees and beneficiaries, the powers and limitations of the trustees, and the distribution of trust assets. Different types of Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust may exist based on specific variations in the trust's structure or purpose. Some of these variations can include: 1. Revocable Trust: This type of trust allows the granter to modify, amend, or revoke the trust agreement during their lifetime. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be modified, amended, or revoked once it is established. This provides added protection and security for the beneficiaries' interests. 3. Charitable Trust: This type of trust is established for charitable purposes, with the intention of benefiting specific charities or the public. 4. Special Needs Trust: This trust is created to provide for the needs of individuals with disabilities while maintaining their eligibility for government assistance programs. 5. Life Insurance Trust: In this case, the trust is funded by a life insurance policy, and the proceeds are distributed to the beneficiaries according to the terms of the trust agreement. It is important to consult with legal professionals specializing in trust law while creating or managing a Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust to ensure compliance with state laws and to meet the specific needs and goals of the trust's beneficiaries.Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust in Philadelphia, Pennsylvania, in the United States. This trust, known as the Massachusetts Nominee Realty Trust, operates under specific guidelines where trustees are required to act only as directed by the beneficiaries. The Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust outlines the terms and conditions for the operation of the trust. It typically includes information regarding the purpose of the trust, the identification of trustees and beneficiaries, the powers and limitations of the trustees, and the distribution of trust assets. Different types of Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust may exist based on specific variations in the trust's structure or purpose. Some of these variations can include: 1. Revocable Trust: This type of trust allows the granter to modify, amend, or revoke the trust agreement during their lifetime. 2. Irrevocable Trust: In contrast to a revocable trust, an irrevocable trust cannot be modified, amended, or revoked once it is established. This provides added protection and security for the beneficiaries' interests. 3. Charitable Trust: This type of trust is established for charitable purposes, with the intention of benefiting specific charities or the public. 4. Special Needs Trust: This trust is created to provide for the needs of individuals with disabilities while maintaining their eligibility for government assistance programs. 5. Life Insurance Trust: In this case, the trust is funded by a life insurance policy, and the proceeds are distributed to the beneficiaries according to the terms of the trust agreement. It is important to consult with legal professionals specializing in trust law while creating or managing a Philadelphia Pennsylvania Agreement and Declaration of Real Estate Business Trust to ensure compliance with state laws and to meet the specific needs and goals of the trust's beneficiaries.
