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 Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that outlines the terms and conditions of a real estate business trust established in Tarrant, Texas. This particular agreement is specific to the state of Massachusetts and ensures that the trustees of the trust will act solely according to the directions given by the beneficiaries. In Tarrant, Texas, there are several types of agreements and declarations that fall under the category of Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries. These may include: 1. Revocable Trust Agreement: This type of agreement allows the granter (the one who establishes the trust) to modify or terminate the trust during their lifetime. It provides flexibility in managing real estate assets while also safeguarding the interests of the beneficiaries. 2. Irrevocable Trust Agreement: Unlike the revocable trust, the irrevocable trust agreement cannot be modified or revoked by the granter once it is established. This type of trust provides enhanced asset protection and potential estate tax benefits. 3. Master Trust Agreement: This agreement serves as the foundational document for multiple sub-trusts established under a single umbrella trust. It allows for efficient management and centralized control of real estate assets. 4. Living Trust Agreement: Also known as a revocable inter vivos trust, this agreement is created during the lifetime of the granter and takes effect upon their death. It allows for the seamless transfer of real estate assets to beneficiaries, avoiding probate. 5. Testamentary Trust Agreement: This type of trust is created through a will and only takes effect upon the granter's death. It enables the distribution of real estate assets according to the granter's specified instructions. The Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries safeguards the interests of the beneficiaries by ensuring that the trustees adhere to their specified directions and act in their best interest. It provides a legal framework for effectively managing and protecting real estate assets within the trust.The Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that outlines the terms and conditions of a real estate business trust established in Tarrant, Texas. This particular agreement is specific to the state of Massachusetts and ensures that the trustees of the trust will act solely according to the directions given by the beneficiaries. In Tarrant, Texas, there are several types of agreements and declarations that fall under the category of Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries. These may include: 1. Revocable Trust Agreement: This type of agreement allows the granter (the one who establishes the trust) to modify or terminate the trust during their lifetime. It provides flexibility in managing real estate assets while also safeguarding the interests of the beneficiaries. 2. Irrevocable Trust Agreement: Unlike the revocable trust, the irrevocable trust agreement cannot be modified or revoked by the granter once it is established. This type of trust provides enhanced asset protection and potential estate tax benefits. 3. Master Trust Agreement: This agreement serves as the foundational document for multiple sub-trusts established under a single umbrella trust. It allows for efficient management and centralized control of real estate assets. 4. Living Trust Agreement: Also known as a revocable inter vivos trust, this agreement is created during the lifetime of the granter and takes effect upon their death. It allows for the seamless transfer of real estate assets to beneficiaries, avoiding probate. 5. Testamentary Trust Agreement: This type of trust is created through a will and only takes effect upon the granter's death. It enables the distribution of real estate assets according to the granter's specified instructions. The Tarrant Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries safeguards the interests of the beneficiaries by ensuring that the trustees adhere to their specified directions and act in their best interest. It provides a legal framework for effectively managing and protecting real estate assets within the trust.
