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 Diego California Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the framework for a real estate business trust in the state of California. It outlines the specific roles and responsibilities of the parties involved and provides a clear understanding of how the trust will operate. The Massachusetts Nominee Realty Trust is a specific type of real estate business trust that operates in Massachusetts. It is commonly used for holding and managing real estate properties in the state. The trust is created to act as a legal entity that holds the property for the benefit of the beneficiaries. The Trustees of the San Diego California Agreement and Declaration of Real Estate Business Trust are individuals or entities appointed to oversee and manage the trust's activities. They have the fiduciary duty to act in the best interests of the beneficiaries and make decisions that align with their wishes. One key feature of the trust is that the Trustees are required to act only as directed by the beneficiaries. This means that the beneficiaries have the ultimate authority and control over the management and operation of the trust. The Trustees are obligated to carry out the instructions and follow the guidance provided by the beneficiaries. The San Diego California Agreement and Declaration of Real Estate Business Trust can have various types or variations depending on the specific needs and requirements of the parties involved. Some possible types of the trust could include: 1. Residential Real Estate Trust: Designed for holding and managing residential properties, such as single-family homes, apartments, or condominiums. 2. Commercial Real Estate Trust: Created specifically for the purpose of owning and managing commercial properties, such as office buildings, retail spaces, or industrial facilities. 3. Mixed-Use Real Estate Trust: A trust that combines both residential and commercial properties, allowing for a diverse investment portfolio. 4. Land Trust: This type of trust focuses on holding and managing vacant land or undeveloped properties for investment or future development purposes. 5. Income-Generating Property Trust: A trust that primarily holds income-generating properties, such as rental properties, with a focus on generating rental income for the beneficiaries. It's important to note that the specific terms, conditions, and provisions of the San Diego California Agreement and Declaration of Real Estate Business Trust can vary depending on the individual circumstances and preferences of the parties involved. Consulting with a qualified legal professional is crucial to ensure compliance with local laws and regulations when establishing this type of trust.The San Diego California Agreement and Declaration of Real Estate Business Trust is a legal document that establishes the framework for a real estate business trust in the state of California. It outlines the specific roles and responsibilities of the parties involved and provides a clear understanding of how the trust will operate. The Massachusetts Nominee Realty Trust is a specific type of real estate business trust that operates in Massachusetts. It is commonly used for holding and managing real estate properties in the state. The trust is created to act as a legal entity that holds the property for the benefit of the beneficiaries. The Trustees of the San Diego California Agreement and Declaration of Real Estate Business Trust are individuals or entities appointed to oversee and manage the trust's activities. They have the fiduciary duty to act in the best interests of the beneficiaries and make decisions that align with their wishes. One key feature of the trust is that the Trustees are required to act only as directed by the beneficiaries. This means that the beneficiaries have the ultimate authority and control over the management and operation of the trust. The Trustees are obligated to carry out the instructions and follow the guidance provided by the beneficiaries. The San Diego California Agreement and Declaration of Real Estate Business Trust can have various types or variations depending on the specific needs and requirements of the parties involved. Some possible types of the trust could include: 1. Residential Real Estate Trust: Designed for holding and managing residential properties, such as single-family homes, apartments, or condominiums. 2. Commercial Real Estate Trust: Created specifically for the purpose of owning and managing commercial properties, such as office buildings, retail spaces, or industrial facilities. 3. Mixed-Use Real Estate Trust: A trust that combines both residential and commercial properties, allowing for a diverse investment portfolio. 4. Land Trust: This type of trust focuses on holding and managing vacant land or undeveloped properties for investment or future development purposes. 5. Income-Generating Property Trust: A trust that primarily holds income-generating properties, such as rental properties, with a focus on generating rental income for the beneficiaries. It's important to note that the specific terms, conditions, and provisions of the San Diego California Agreement and Declaration of Real Estate Business Trust can vary depending on the individual circumstances and preferences of the parties involved. Consulting with a qualified legal professional is crucial to ensure compliance with local laws and regulations when establishing this type of trust.
