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 Suffolk New York Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Massachusetts. This type of trust, known as the Massachusetts Nominee Realty Trust, is unique in that the trustees are required to act exclusively based on the directives provided by the beneficiaries. The main purpose of the Suffolk New York Agreement and Declaration of Real Estate Business Trust is to protect and manage real estate assets for the benefit of the trust beneficiaries. The trust is created by the declaration and agreement between the trustee(s) and the beneficiaries, outlining the terms and conditions under which the trust operates. One key feature of this trust is that the trustee(s) are obligated to act solely based on the instructions given by the beneficiaries. This ensures that the beneficiaries retain complete control over the trust assets and have the authority to make decisions regarding the management, sale, or lease of the real estate properties held within the trust. The Suffolk New York Agreement and Declaration of Real Estate Business Trust may include various provisions and specifications depending on the specific requirements of the beneficiaries. The document may outline the powers and limitations of the trustee(s), the rights and responsibilities of the beneficiaries, and the procedures for making decisions and taking actions regarding trust property. Different types or variations of the Suffolk New York Agreement and Declaration of Real Estate Business Trust may exist based on the specific needs and objectives of the beneficiaries. These may include trusts created for commercial real estate purposes, residential real estate purposes, or even mixed-use properties. Each type of trust may have its own unique set of terms and conditions to cater to the specific requirements of the beneficiaries. In conclusion, the Suffolk New York Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that establishes a trust in Massachusetts specifically designed for managing and protecting real estate assets. This type of trust is unique in that the trustees are required to act only as directed by the beneficiaries, ensuring that the beneficiaries retain control over the trust assets. Different variations of this trust may exist based on the specific real estate needs and objectives of the beneficiaries.The Suffolk New York Agreement and Declaration of Real Estate Business Trust is a legal document that establishes a real estate business trust in the state of Massachusetts. This type of trust, known as the Massachusetts Nominee Realty Trust, is unique in that the trustees are required to act exclusively based on the directives provided by the beneficiaries. The main purpose of the Suffolk New York Agreement and Declaration of Real Estate Business Trust is to protect and manage real estate assets for the benefit of the trust beneficiaries. The trust is created by the declaration and agreement between the trustee(s) and the beneficiaries, outlining the terms and conditions under which the trust operates. One key feature of this trust is that the trustee(s) are obligated to act solely based on the instructions given by the beneficiaries. This ensures that the beneficiaries retain complete control over the trust assets and have the authority to make decisions regarding the management, sale, or lease of the real estate properties held within the trust. The Suffolk New York Agreement and Declaration of Real Estate Business Trust may include various provisions and specifications depending on the specific requirements of the beneficiaries. The document may outline the powers and limitations of the trustee(s), the rights and responsibilities of the beneficiaries, and the procedures for making decisions and taking actions regarding trust property. Different types or variations of the Suffolk New York Agreement and Declaration of Real Estate Business Trust may exist based on the specific needs and objectives of the beneficiaries. These may include trusts created for commercial real estate purposes, residential real estate purposes, or even mixed-use properties. Each type of trust may have its own unique set of terms and conditions to cater to the specific requirements of the beneficiaries. In conclusion, the Suffolk New York Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee Realty Trust is a legal document that establishes a trust in Massachusetts specifically designed for managing and protecting real estate assets. This type of trust is unique in that the trustees are required to act only as directed by the beneficiaries, ensuring that the beneficiaries retain control over the trust assets. Different variations of this trust may exist based on the specific real estate needs and objectives of the beneficiaries.
