Trust And Nominee
Description
How to fill out Nominee Trust?
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FAQ
Writing a nominee form requires careful attention to detail to ensure it accurately reflects the agreement between parties. Begin with the names and contact information of both the trust owner and the nominee, and include a clear statement of the nominee's role regarding the trust and nominee. Incorporate clauses that outline the rights and obligations of each party, as well as any terms regarding the management of assets. For assistance, uslegalforms offers easy-to-use templates that guide you in drafting a comprehensive nominee form.
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.
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. It is from the old German ?trost? meaning to believe.
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.
A nominee trust is typically established to hold title to real estate and is disregarded for federal income tax purposes (i.e., a separate return, such as a 1041, is not required).
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.