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 Jose California Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions governing the establishment and operation of a real estate business trust in the state of California. It specifically pertains to the Massachusetts Nominee Realty Trust, specifying that the trustees of the trust must act only as directed by the beneficiaries. In this type of agreement, the trustees are appointed to manage the real estate assets and investments held by the trust. However, unlike traditional trusts where trustees have discretionary powers, the trustees of this specific agreement are mandated to act solely based on the instructions and directives given by the beneficiaries. The San Jose California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries ensures transparency and control for the beneficiaries, as they have the ultimate authority to guide the actions of the trustees. This agreement enables them to make critical decisions regarding the trust's operations, including property acquisitions, sales, leases, and investments. By incorporating relevant keywords such as "San Jose California Agreement and Declaration of Real Estate Business Trust," "Massachusetts Nominee Realty Trust," "trustees," "beneficiaries," and "directed actions," the content is optimized for search engines to attract readers seeking information on this specific agreement. Different types of the San Jose California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations in beneficiary rights, trust duration, allocation of responsibilities among trustees, or specific provisions related to property management or financial decision-making. These variations depend on the particular circumstances, objectives, and preferences of the individuals or entities establishing the trust.The San Jose California Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions governing the establishment and operation of a real estate business trust in the state of California. It specifically pertains to the Massachusetts Nominee Realty Trust, specifying that the trustees of the trust must act only as directed by the beneficiaries. In this type of agreement, the trustees are appointed to manage the real estate assets and investments held by the trust. However, unlike traditional trusts where trustees have discretionary powers, the trustees of this specific agreement are mandated to act solely based on the instructions and directives given by the beneficiaries. The San Jose California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries ensures transparency and control for the beneficiaries, as they have the ultimate authority to guide the actions of the trustees. This agreement enables them to make critical decisions regarding the trust's operations, including property acquisitions, sales, leases, and investments. By incorporating relevant keywords such as "San Jose California Agreement and Declaration of Real Estate Business Trust," "Massachusetts Nominee Realty Trust," "trustees," "beneficiaries," and "directed actions," the content is optimized for search engines to attract readers seeking information on this specific agreement. Different types of the San Jose California Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may include variations in beneficiary rights, trust duration, allocation of responsibilities among trustees, or specific provisions related to property management or financial decision-making. These variations depend on the particular circumstances, objectives, and preferences of the individuals or entities establishing the trust.
