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.
Michigan Nominee Trust
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FAQ
TRUST REGISTRATION If an individual has created a Trust, he or she may want to register it with the Probate Court. To do so, the individual must complete the Trust Registration form, PC 610 and submit it to the Probate Court along with a $25 filing fee.
You are entitled to a copy of the Trust if you are a direct beneficiary. A direct beneficiary is a person who receives an immediate benefit from the trust. For example, if the trust is created and you have been given an immediate right to some portion of the income of the trust, then you are a direct beneficiary.
This generally means you must be a beneficiary or have a financial interest that would be directly impacted by the trust. Timely Filing: Trust contests must be filed within the specified time limits. In Michigan, you generally have one year from the date the trust was made known to file a contest.
The cost of setting up a trust in Michigan varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.
Anyone listed as a trust beneficiary will be entitled to receive a copy of the Trust. Additionally, an heir of the settlor is entitled to a copy of the Trust.
(l) "Trust beneficiary" means a person to whom 1 or both of the following apply: (i) The person has a present or future beneficial interest in a trust, vested or contingent. (ii) The person holds a power of appointment over trust property in a capacity other than that of trustee or trust director.
The grantor can opt to have the beneficiaries receive trust property directly without any restrictions. The trustee can write the beneficiary a check, give them cash, and transfer real estate by drawing up a new deed or selling the house and giving them the proceeds.
