Nominee Trust Definition Formal
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FAQ
The Nominee Structure The principle of a nominee structure is that the shareholdings of individual minor shareholders are transferred to a single shareholder entity with the sole purpose of holding those shares on trust for the shareholders.
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.
The most common example of when a declaration of trust is used is the situation where an adult son or daughter borrows money for a deposit on a first house from his or her parents. The parents may have a mortgage already, and the terms of that mortgage prevent them from borrowing under another.
You can dissolve a revocable trust by removing assets from the trust, and signing the proper legal document, called a trust dissolution form, which you can find online or hire a lawyer to write for you.
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.