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 Travis Texas Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions for the establishment and operation of a business trust in the state of Texas. In particular, it pertains to the Massachusetts Nominee Realty Trust and specifies that the trustees appointed must act solely according to the directives provided by the beneficiaries of the trust. Keywords: Travis Texas Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Beneficiaries, Texas, business trust, legal document, operation, terms and conditions. Different Types of Travis Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries: 1. General Business Trust: The Travis Texas Agreement and Declaration of Real Estate Business Trust serves as the foundation for establishing a general business trust under Texas law. It outlines the roles and responsibilities of the trustees and the rights and benefits of the beneficiaries. 2. Massachusetts Nominee Realty Trust: Specifically, this agreement is designed for the creation of a real estate business trust using the Massachusetts Nominee Realty Trust structure. This type of trust allows individuals or entities to hold and manage real estate assets on behalf of the beneficiaries, providing flexibility and protection. 3. Trustee's Role: The agreement highlights the trustee's duty to act in accordance with the directions given by the beneficiaries. This means that the trustees are obligated to carry out specific instructions regarding the management, acquisition, or disposition of the real estate assets held within the trust. 4. Beneficiary's Authority: The agreement emphasizes the authority of the beneficiaries to direct the actions and decisions made by the trustees. It ensures that the trust operates solely in the best interests of the beneficiaries, who retain control over the trust's activities and assets. 5. Fiduciary Responsibilities: The Travis Texas Agreement emphasizes the fiduciary duties of the trustees, requiring them to act with utmost loyalty, good faith, and care in managing the trust and carrying out the beneficiaries' instructions. It sets expectations for the trustees' ethical conduct while protecting the interests of the beneficiaries. Overall, the Travis Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a crucial legal document that governs the establishment and functioning of a real estate business trust. It ensures the compliance of trustees with beneficiary directives, safeguards the interests of all parties involved, and outlines the framework for managing real estate assets effectively.The Travis Texas Agreement and Declaration of Real Estate Business Trust is a legal document that outlines the terms and conditions for the establishment and operation of a business trust in the state of Texas. In particular, it pertains to the Massachusetts Nominee Realty Trust and specifies that the trustees appointed must act solely according to the directives provided by the beneficiaries of the trust. Keywords: Travis Texas Agreement and Declaration of Real Estate Business Trust, Massachusetts Nominee Realty Trust, Trustees, Beneficiaries, Texas, business trust, legal document, operation, terms and conditions. Different Types of Travis Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries: 1. General Business Trust: The Travis Texas Agreement and Declaration of Real Estate Business Trust serves as the foundation for establishing a general business trust under Texas law. It outlines the roles and responsibilities of the trustees and the rights and benefits of the beneficiaries. 2. Massachusetts Nominee Realty Trust: Specifically, this agreement is designed for the creation of a real estate business trust using the Massachusetts Nominee Realty Trust structure. This type of trust allows individuals or entities to hold and manage real estate assets on behalf of the beneficiaries, providing flexibility and protection. 3. Trustee's Role: The agreement highlights the trustee's duty to act in accordance with the directions given by the beneficiaries. This means that the trustees are obligated to carry out specific instructions regarding the management, acquisition, or disposition of the real estate assets held within the trust. 4. Beneficiary's Authority: The agreement emphasizes the authority of the beneficiaries to direct the actions and decisions made by the trustees. It ensures that the trust operates solely in the best interests of the beneficiaries, who retain control over the trust's activities and assets. 5. Fiduciary Responsibilities: The Travis Texas Agreement emphasizes the fiduciary duties of the trustees, requiring them to act with utmost loyalty, good faith, and care in managing the trust and carrying out the beneficiaries' instructions. It sets expectations for the trustees' ethical conduct while protecting the interests of the beneficiaries. Overall, the Travis Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a crucial legal document that governs the establishment and functioning of a real estate business trust. It ensures the compliance of trustees with beneficiary directives, safeguards the interests of all parties involved, and outlines the framework for managing real estate assets effectively.
