[aziator]

I didn't want to Hijack Prizms thread anymore so I decided to start a new one. I can not take credit for this particular trust. I got it offline. It is almost identical to the one that quicken made for me. The paragragh that talks about "possession of trust property" is the one that I added to my trust to ensure others could have access. This sample is for husband and wife together, the single one would just be husband.

I am not a Lawyer and am in no way qualified to hand out legal advice. I am simply posting this to show others what a general Revocable Living Trust looks like.

 

[va_plinker]

:clap:

Thanks for posting this sample!

So I'm curios if the possession of trust property has passed ATF scrutiny? One would assume this is ok since a corporation can allow an employee possession by issuing a letter to the employee authorizing possession.

 

[SigsRule]

Looks just like the one I set up here in Colorado. One thing that's missing is the Appendix A/B/C schedule of property which Quicken Will-Maker produces for you. I also understand you have to seed the trust with some tangible property of anykind. I'm using my trust for estate planning purposes and have to decide whether to include the NFA items in it or set up a separate one specifically for it. There's pros and cons for either choice.

These kinds of trusts are used all the time for NFA items.

 

[aziator]

:clap:

Thanks for posting this sample!

So I'm curios if the possession of trust property has passed ATF scrutiny? One would assume this is ok since a corporation can allow an employee possession by issuing a letter to the employee authorizing possession.

Guys have been using Trusts for a long time to purchase NFA Items. I wish I had used one from the get go, instead i have 2 items that need to be transferred into the trust (another $200 each item).

Some like to call it a "loophole" but I try to stay away from that as it isn't a loophole, It is listed right in the NFA handbook as a means to procure NFA items.

Yes, I didn't post a schedule A or the certificate of trust, all which they now want to see. I will put those up tonight when I get home from work.

 

[va_plinker]

I don't think I was very clear. :duh: What I meant to ask was:

You have a section in the Trust for people authorized for "possession of trust property". Normally I would have assume just Trustees would have access. This is a interesting concept and flexible. I had not considered it. Could this feature be moved to a Schedule for even more flexibility?

I don't see why not. If this was a Corporation, the CEO, could write a letter autorizing his employee to poseess one or more of the items. So why couldn't the legal entity of a Trust have similar flexibility?

 

[aziator]

I thought the same thing. This particular trust was supposedly drafted by an attorney that knows the NFA and put that statement in as such. I added that section to my trust and had the Army lawyers look it over. They said it looked good.

I am not sure if you could put it in a seperate schedule. Since it is a Revocable Living Trust you as the Grantor and Trustee have the option to change any part of the trust at any time. If you wanted to change that particular paragraph you could amend it and have the change notarized.

I didn't even know what a Revocable Living Trust was until a few months ago so please take everything I say with that in mind... :2cents:

 

[Prizm]

I didn't want to Hijack Prizms thread anymore so I decided to start a new one. I can not take credit for this particular trust. I got it offline. It is almost identical to the one that quicken made for me. The paragragh that talks about "possession of trust property" is the one that I added to my trust to ensure others could have access. This sample is for husband and wife together, the single one would just be husband.

I am not a Lawyer and am in no way qualified to hand out legal advice. I am simply posting this to show others what a general Revocable Living Trust looks like.

You could never hijack my threads cause I've hired thread sky marshals for every one that I've started... so take that. ;D

 

[aziator]

Ok, here are the other documents that you may need. One is the Certificate of Trust and the other is Schedule A.

Again, it is best to do all of this in Quicken or hire a Lawyer. I would only use these as guidelines.

 

[SigsRule]

I thought I'd have time to consider carefully the pros and cons of using my current Trust for a silencer or establishing a separate one specifically for NFA items. But I just heard from my dealer that the SWR Omega can is in so I'm going to have to make a quick decision. Fortunately the process is so quick and easy it's not a problem either way. The timeline goes something like this.

Create the new trust documents in Quicken - 10 minutes
Take the documents to be notarized - 25 minutes (the nearest notary is about 15 minutes from my house)
Done

That's to get a new trust established. The process with the dealer is a little longer since he's about 35 minutes from my house. But as I understand it, I hand him a check, he hands me the NFA form filled out, I add the information about my Trust and attach a copy of the Trust then mail it to the NFA. After that it's wait until I get the form back approved then take the approved form to the dealer and pick up the silencer.

 

[aziator]

sounds about right. These days they want a copy of the decleration of trust, a copy of the certificate of trust and a copy of schedule A. If you don't own the can yet you can't put it in your schedule A. Maybe stick a dollar in there or something.

 

[magikbullet]

thanks aziator! ;D