Nominee Trust Law and Legal Definition
Nominee trust is a trust created for the purpose of holding property for beneficiaries whose identities are kept secret. In such trusts, the beneficiaries have the power to direct the trustee's actions regarding the trust property. Nominee trusts also refer to an arrangement for holding title to real property under which one or more persons or corporations, under a written declaration of trust, declare that they will hold any property that they acquire as trustees for the benefit of one or more undisclosed beneficiaries. The nominee trust was conceived as an estate-planning vehicle to allow a decedent’s real estate to pass to beneficiaries without the necessity of it being probate.
