A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Hawaii Nominee Trust
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How to fill out Nominee Trust?
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FAQ
The nominee trust is not a trust - it is an agency arrangement in which the "trustees" are agents for undisclosed principals. A true trust is an arrangement under which a "grantor" or "donor" transfers property to a trustee to use for the benefit of one or more beneficiaries.
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.
As per law, a nominee is a trustee, not the owner of the assets. In other words, a nominee is only a caretaker of your assets. The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs.
A nominee trust is an example of a bare trust: this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, and where there are no restrictions beneficiary's right to use the property.
As a beneficiary in Hawaii, you have several rights. At the most basic level, you are entitled to receive information about the estate and its administration. You also have a right to an accounting of the estate's assets, debts, and distributions.
A will must be probated and become public record. A trust needs no court approval and is effective on its own. The beneficiaries, assets, and terms of the trust never become public record.
The nominee trust is not a trust - it is an agency arrangement in which the "trustees" are agents for undisclosed principals. A true trust is an arrangement under which a "grantor" or "donor" transfers property to a trustee to use for the benefit of one or more beneficiaries.
A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms shall be for the benefit of its beneficiaries, subject to the provisions of the trust.
