Get Agreement and Declaration of Real Estate Business Trust - Massachusetts Nominee Realty Trust - Trustees to Act only as Directed by Beneficiaries

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Agreement and Declaration of Real Estate Business Trust (Massachusetts Nominee Realty Trust (Trustees to Act only as Directed by Beneficiaries) I, ___ (Name of Trustee), of ___ (name of city), ___
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FAQ

A nominee trust is an arrangement whereby one or more persons appoint a "trustee" to be listed on legal title, or other documents, on their behalf. ... Therefore, the trustee does not file a tax return with regard to income on trust property, as they would in an actual trust.

Your revocable or irrevocable trust can serve as the beneficial owner. As a nominee trust, the trustees can act only with the express authority of the beneficiaries. ... Ease of transfer — Transactions involving property in nominee trusts do not have to be recorded with the Registry of Deeds.

A nominee trust is an arrangement whereby one or more persons appoint a "trustee" to be listed on legal title, or other documents, on their behalf. The arrangement is simple and passive, the trustee is to do nothing except what they are directed to do by the beneficiaries.

The terms of the trust should state whether it is revocable or not. A revocable trust normally will have language indicating that it is amendable or revocable, and an irrevocable trust will usually have the word "irrevocable" in it.

A trustee is given broader power than a nominee, and is required to administer property in a trust for specified purposes. ... A nominee is often there to conceal the identity of the actual owner. A trustee is given broader power than a nominee, and is required to administer property in a trust for specified purposes.

Such is also a violation of Section 22(1) of The Real Estate Brokers Act which states that the names of the sellers and the buyers must be stated in the offer to purchase. "Nominee" is used primarily when the buyer wants the option of naming someone else to take title to the property at closing.

A real estate land trust is just one of many varieties of trusts. A trust, in legal terms, is any arrangement in which one party holds property for another party's benefit. The property owner never gives up control of the assets — cash, stocks, bonds, real estate — but the trustee becomes the owner for legal purposes.

Realty Trust Law and Legal Definition. Realty trust is an arrangement for holding title to real property under which one or more persons or corporations, under a written declaration of trust, declare that they will hold any property that they acquire as trustees for the benefit of one or more undisclosed beneficiaries.

The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.

For land or second homes with significant equity you may want to consider a limited partnership or domestic asset protection trust which can protect the property from the owner's personal liabilities. Generally, an LLC is not used unless the property itself creates liability.