The original purpose of my four real estate trusts, Lisbon, 
Nantucket, 174 School Street and Konnarock was to make possible
transfers of fractional interests in real-estate within the
annual gift tax exclusion. This purpose might have been theoretically
achieved with tenancies-in-common, each of which might have as many 
as eight tenants-in-common, making the requisite annual incremental
transfers impractical. The use of real estate trusts where
registration in the name of nominal trustees conceals the 
beneficial owners is a very common practice in Massachusetts.
Inasmuch as transactions within such trusts are private, and tax
returns are inaccessible to public inspection, it is impossible
to know how relevant administrative procedures have been interpreted
by the courts.

I don't know with what legal instruments conventional real estate
trusts are customarily transferred. This information could easily
be ascertained by scanning local, e.g. Belmont real estate tax
records for properties registered as trusts, and then researching
the county Registry of Deeds for relevant transfer records.

An unintended consequence of my real estate trusts is that they
are drafted to survive the deaths of individual beneficiaries
whose shares of beneficial interest pass according to their wills
without becoming subject to real estate liens at death. It is
therefore theoretically possible to transfer ownership and control 
of real estate in trust by sale of shares of beneficial interest
by the old beneficiaries to the new beneficiaries and to transfer
the trusteeship to a new trustee of the new beneficiaries' choosing.
Such transfers would not require approval of any court, but would
of course be subject to judicial review, at the instance of either 
parties or of interested government agencies, with unpredictable 
consequences. Proceeds of such sales would be subject to capital 
gains income taxes.