Massachusetts Nominee Agreement
Description
How to fill out Nominee Agreement?
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FAQ
A nominee can also be a trustee, You can name yourself as the trustee but you cannot receive the policy proceeds or give consent for revocation of the nomination on behalf of the nominees. Only another trustee can do so. You must specify the percentage share of the policy proceeds that each nominee is to receive.
A nominee trust is a tool used to hold title to real estate. The real property is transferred from the title holder(s), into the trust, and the trust becomes the holder of the real property. In fact, real property can be held by any trust, not just a nominee trust.
A Nominee Trust is an estate planning tool that is unique to Massachusetts. It is essentially a realty trust in which the trust holds the property for the beneficiaries, but the beneficiaries are able to exercise control over the real property.
A nominee is a person or firm whose name is titled on securities or other property to facilitate certain transactions or transfers while leaving the original customer as the actual or legal owner. In this way, a nominee can serve as a custodian.
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.
A nominee trust is a tool used to hold title to real estate. The real property is transferred from the title holder(s), into the trust, and the trust becomes the holder of the real property. In fact, real property can be held by any trust, not just a nominee trust.
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoint another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property.
There is a Principal/Agent relationship between the Trustees and the Beneficiaries, and it is somewhat the reverse where usually in a Grantor Trust, the Trustee instructs the Beneficiaries on what he will/is allowed to do for them, but in a Nominee Trust the Beneficiaries direct the Trustee.
Trustee vs. Beneficiary. A Trustee is a person or persons designated by trust instruments to distribute the estate assets to the trust beneficiaries. A beneficiary is an individual or entity who will receive the trust assets once the Trustee fulfills their fiduciary obligation to the Trustor.