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.
Pennsylvania Nominee Trust
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FAQ
A nominee shareholder is a person or company holding shares on someone else's behalf. The main form of a nominee is a trustee holding shares on trust for beneficiaries or a company acting as a nominee for overseas investors.
A nominee is a person who will hold an owner's assets in trust after the latter's death. They will be the custodian of the asset till it is transferred to the legal heirs. They are not the owners of the asset and are dutybound to make sure the asset goes to the rightful beneficiary.
In a Nominee Trust the beneficiaries direct the trustee and may even serve as the trustee. Also, unlike an irrevocable trust, the beneficiaries of an NT may terminate the trust at any time and take full ownership of the trust property as tenants in common.
66.In this context a nominee is a person appointed by the trustees to hold trust property in his or her own name. Thus, a person may be registered as the owner of certain shares in a company but may in fact hold them as nominee for a trust.
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.
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.
And although a beneficiary generally has very little control over the trust's management, they are entitled to receive what the trust allocates to them. In general, a trustee has extensive powers when it comes to overseeing the trust.