Nominee Trust Definition For Trust
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FAQ
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property.
Limitations of Nominee Trusts It will do absolutely no good regarding MassHealth /Medicaid Planning, because it is not really a transfer in their eyes. Also, you cannot take a Homestead declaration on it, so creditors can attach it in a lawsuit, assuming liability.
Nominee accounts are a form of trust similar to a bare trust. If a person invests in their own name with the intention of holding the money for someone else (perhaps their grandchildren) and they can prove their intent, then HMRC will usually accept that a trust was created.
Living trusts, Totten trusts, and nominee trusts are the main types of revocable trusts. They can be revoked, amended, or terminated by the trust grantor, the person who creates the trust, any time before his or her death.
Unlike a real trust, where the power and duty to appropriately control the trust property lies with the trustee, in a nominee trust the beneficiaries actually retain all decision-making power. In fact, the trustee is really just an agent of the beneficiaries, who essentially act as the principal.