Under “Powers of Trustees” in a MA nominee trust agreement is the following:
“When, as, if and to the extent specifically directed by a majority of the voting interest of the Beneficiaries, the Trustees shall have the following powers:
* to buy, sell, convey, assign, mortgage or otherwise dispose of all or any part of
the Trust Estate and as landlord or tenant execute and deliver leases and sublease…”
Q: Is “a majority of the voting interest of the Beneficiaries” identically equal to the majority of “beneficiary interest percentage” between two beneficiaries? Please confirm whether the latter needs to be explicitly stated.
ANSWER BY MARGARET CROSS-BELIVEAU:
Under a nominee or realty trust, the beneficial interest is the ownership percentage listed in the Schedule of Beneficiaries. If you own a fifty percent ownership interest then you get a fifty percent voting say.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The estate administration and estate planning attorneys at the Beliveau Law Group provide legal services for estate planning, probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.
