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.
Kentucky Nominee Trust
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The trust is not public record, as a will and probate proceeding are. The terms of the trust, assets in it, and beneficiaries of it are never revealed and remain completely private.
Under Kentucky law, the trustee may be an individual or a bank, trust company or other entity that has trust powers. An individual serving as trustee does not have to be resident of Kentucky nor do they have to be related to you.
The cost of creating a trust in Kentucky varies depending on the complexity of your estate and the attorney's fees. The average cost for a basic Revocable Living Trust ranges from $1,000 to $3,000, while more complex trusts may cost more.
A trustee can be an individual, such as a family member, friend, or trusted advisor (e.g., lawyer or accountant) or an institution, such as a bank or trust company.
A trustee is any person or organization that holds the legal title of an asset or group of assets for another person, called the grantor. A trustee is granted this legal title through a trust in which the they hold title to the assets held in trust for the benefit of others.
31.5.43 Bare trusts or ?nomineeships? The stockbroker would complete all the legal procedures to deal with the trust rights whilst following the instructions of the beneficiary or beneficiaries as to what to do with the shares and dividends. A trustee under a bare trust is sometimes called a ?nominee?.
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary).
Trustee Salary in Kentucky Annual SalaryHourly WageTop Earners$67,194$3275th Percentile$55,062$26Average$44,221$2125th Percentile$33,597$16
