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 Bernardino California Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust arrangement between parties involved in real estate transactions. The Massachusetts Nominee Realty Trust is an entity formed under this agreement, with appointed trustees who have specific duties and responsibilities. The key aspect of this trust is that the trustees are obligated to act only as directed by the beneficiaries, who are the individuals or entities benefitting from the trust. In simpler terms, this agreement lays out the framework for a real estate business trust in San Bernardino, California. It outlines the roles and obligations of the Massachusetts Nominee Realty Trust's trustees and emphasizes that they must follow the instructions given by the beneficiaries. This ensures that the trust operates in accordance with the desires and preferences of the individuals or entities involved. There may be different variations or types of the San Bernardino California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries depending on specific circumstances or customized provisions. Some possible variations could include: 1. Residential Real Estate Trust: This type of trust is centered around residential properties, such as single-family homes or apartments. 2. Commercial Real Estate Trust: This variation focuses on commercial properties, including office buildings, retail spaces, or industrial complexes. 3. Mixed-Use Real Estate Trust: This type of trust involves properties that combine both residential and commercial elements, such as developments with apartments, shops, and offices. 4. Land Trust: This variation may be used when the trust is established to hold and manage vacant land or undeveloped properties for future use or investment purposes. It's important to note that the specific details and provisions of the San Bernardino California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may vary depending on the legal jurisdiction and the preferences of the parties involved. Therefore, it is recommended to consult with legal professionals to obtain accurate and tailored information regarding this trust agreement.The San Bernardino California Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a trust arrangement between parties involved in real estate transactions. The Massachusetts Nominee Realty Trust is an entity formed under this agreement, with appointed trustees who have specific duties and responsibilities. The key aspect of this trust is that the trustees are obligated to act only as directed by the beneficiaries, who are the individuals or entities benefitting from the trust. In simpler terms, this agreement lays out the framework for a real estate business trust in San Bernardino, California. It outlines the roles and obligations of the Massachusetts Nominee Realty Trust's trustees and emphasizes that they must follow the instructions given by the beneficiaries. This ensures that the trust operates in accordance with the desires and preferences of the individuals or entities involved. There may be different variations or types of the San Bernardino California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries depending on specific circumstances or customized provisions. Some possible variations could include: 1. Residential Real Estate Trust: This type of trust is centered around residential properties, such as single-family homes or apartments. 2. Commercial Real Estate Trust: This variation focuses on commercial properties, including office buildings, retail spaces, or industrial complexes. 3. Mixed-Use Real Estate Trust: This type of trust involves properties that combine both residential and commercial elements, such as developments with apartments, shops, and offices. 4. Land Trust: This variation may be used when the trust is established to hold and manage vacant land or undeveloped properties for future use or investment purposes. It's important to note that the specific details and provisions of the San Bernardino California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust may vary depending on the legal jurisdiction and the preferences of the parties involved. Therefore, it is recommended to consult with legal professionals to obtain accurate and tailored information regarding this trust agreement.
