Trustee(s) / Successor Trustee(s) Question

[tschwarz]

Regarding a living trust specifically created for 'owning' NFA weapons, what is the appropriate way to list trustees in a manner that allows them to be in possession of an NFA item belonging to the trust? Specifically, can they be listed as successor trustees, which technically have no authority until the grantor & trustee is deceased or incapacitated? Or, do they need to be acting trustees at the time they possess / use any NFA restricted item?

Thanks,
Tom

 

[Shadowrider]

Don't know for sure, but a "designated" successor trustee isn't going to pass muster, I don't think. I would think they need to be active trustee(s). Maybe make them co-trustees?

 

[WhiteyMacD]

This is honestly why I suggest talking to a lawyer who knows NFA. I know its all great and warm that some gun shops set up trusts for people now, but the truth is a trust is a legal document. Lawyers are going to know better than any arm chair commando.

Sorry that I didnt answer you question. I have 8 items on my trust, and all items for the last year have been personal. For me, putting things under my name instead of a trust has made more sense. When money is loose and sparring, Ill probably start x-fering things out of the trust to me personally.

 

[HMFIC]

[edited] hell, I don't know..... I had an initial thought but don't want to mislead you. I do know this... in a non trust environment you can have the owner pre-fill out a transfer document and have it signed and ready to go in the event of their death to ease the process of selling or transfering an NFA weapon to an heir.

As it pertains to a trust, I can't imagine that the ATF wouldn't want to know what is going on and who is in charge of the trust.

Check with a lawyer for sure!

 

[338Shooter]

Will maker works great to set up a simple trust. If you want to get cute with it you need a lawyer.

 

[88gmchog]

sometimes its all in the wording of things

Example
References to “trustee” in this document shall include any successor or alternative successor trustees.