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 San Antonio Texas Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the Massachusetts Nominee Realty Trust as a trust in San Antonio, Texas. This trust operates with a unique condition that the trustees are to act only as directed by the beneficiaries. It is designed to regulate and govern the real estate operations and business activities conducted by the trust. This agreement outlines the roles and responsibilities of the trustees, who have the fiduciary duty to manage the real estate assets held by the trust for the benefit of the beneficiaries. The trustees are bound to act in accordance with the directions and instructions provided by the beneficiaries, ensuring that their interests are protected and upheld. The San Antonio Texas Agreement and Declaration of Real Estate Business Trust also addresses the powers, restrictions, and limitations imposed on the trustees. It specifies that their authority is limited to actions directed by the beneficiaries, and any decisions made outside the beneficiaries' instructions may be considered a breach of their fiduciary duty. Additionally, the agreement may include provisions regarding the allocation of profits and losses, the distribution of income generated by the trust's real estate investments, and the process for appointing new trustees or removing existing ones. Types of San Antonio Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may vary based on specific provisions and clauses included. Some variations of this agreement may emphasize different aspects, such as taxation considerations, investment strategies, or asset management protocols. However, the fundamental objective of establishing a Massachusetts Nominee Realty Trust in San Antonio, Texas, with trustees acting solely under the guidance of the beneficiaries, remains constant.The San Antonio Texas Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the Massachusetts Nominee Realty Trust as a trust in San Antonio, Texas. This trust operates with a unique condition that the trustees are to act only as directed by the beneficiaries. It is designed to regulate and govern the real estate operations and business activities conducted by the trust. This agreement outlines the roles and responsibilities of the trustees, who have the fiduciary duty to manage the real estate assets held by the trust for the benefit of the beneficiaries. The trustees are bound to act in accordance with the directions and instructions provided by the beneficiaries, ensuring that their interests are protected and upheld. The San Antonio Texas Agreement and Declaration of Real Estate Business Trust also addresses the powers, restrictions, and limitations imposed on the trustees. It specifies that their authority is limited to actions directed by the beneficiaries, and any decisions made outside the beneficiaries' instructions may be considered a breach of their fiduciary duty. Additionally, the agreement may include provisions regarding the allocation of profits and losses, the distribution of income generated by the trust's real estate investments, and the process for appointing new trustees or removing existing ones. Types of San Antonio Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may vary based on specific provisions and clauses included. Some variations of this agreement may emphasize different aspects, such as taxation considerations, investment strategies, or asset management protocols. However, the fundamental objective of establishing a Massachusetts Nominee Realty Trust in San Antonio, Texas, with trustees acting solely under the guidance of the beneficiaries, remains constant.
