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Thread: Another dumb trust question.
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February 13th, 2015, 02:43 AM #1
Another dumb trust question.
Hey Guys,
I took advantage of 199 trusts deal a couple of months ago, and am getting geared up to SBR my new POF MP5....
Dumb question:
I listed myself as Settlor.
Myself, my dad, brother and sister as Co-Trusties.
My Dad, Brother, and Sister as Beneficiary(ies).
And my Brother as successor Trustee.
Here is my question:
With this arrangement since the four of us are listed as Co-Trusties....
Will I have to get them to sign / witness each new addition to the trust.
I want them to all have the benefits..... But don't want to track them all down whenever I get a wild hair for a new suppressor or that cool SBRproject I wanted!
Thanks!!!!
FredA Templar is truly a fearless knight, and secure on every side, for his soul is protected by the armor of faith, just as his body is protected by the armor of steel.
Big whoop, I'm spooning a Barret .50 Cal...... I could like kill a building.....
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February 13th, 2015, 08:21 AM #2
Re: Another dumb trust question.
No, unless your trust explicitly says they have too, but normally all trustees hold legal title to the trust's property and any trustee can manage it according to the terms of the trust, likewise any trustee can sell items without notifying other trustees... so that's why it's important to truly "trust" your trustees, or you can add an addendum to the trust stating all trustees must sign off on selling a trust asset.
Washington County Machine Guns & Tactical Range -- CMP Affiliated Club -- FFL 07 / FFL 10 / FEL 20 / SOT 02 / ITAR
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February 13th, 2015, 04:22 PM #3
Re: Another dumb trust question.
Hey WCMG,
Thanks for the reply, and help!
As a procedural issue..... Do you register the trust with ATF at the same time you submit your form 1? Or do you have to have the trust approved prior to submitting your form 1 or 4?
I am thinking about the efile.... Due to the so much shorter wait times reported.
Thanks!
FredLast edited by 1096369fred; February 13th, 2015 at 04:24 PM.
A Templar is truly a fearless knight, and secure on every side, for his soul is protected by the armor of faith, just as his body is protected by the armor of steel.
Big whoop, I'm spooning a Barret .50 Cal...... I could like kill a building.....
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February 13th, 2015, 05:32 PM #4
Re: Another dumb trust question.
When you E-file the form 1 you have to upload your trust at that time. Here's a tutorial on how to e-file your form 1. Currently there is no E-fileing for a form-4 so you need to send it in with your filled out form and a check for $200.00 smackers.
https://www.youtube.com/watch?v=Xz7wpcgUq98Join the GOA & save $5.00. https://www.gunowners.org/mac-subs-join-goa.htm
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February 13th, 2015, 06:40 PM #5
Re: Another dumb trust question.
You don't register your trust with the ATF, you simply upload a copy of it as Hodgie stated in the other post on the eFile system or you send them a copy when you paper file. Your trust isn't approved by the ATF, it's simply "Here's the trust that is building or buying XYZ" and the ATF verifies the trust is notarized and complete. Of course trusts can be refused by the ATF for such reasons as not being notarized correctly, have missing signatures, or missing pages.
Washington County Machine Guns & Tactical Range -- CMP Affiliated Club -- FFL 07 / FFL 10 / FEL 20 / SOT 02 / ITAR
Largest MG Rental Business on the entire East Coast. M2HB, M9 Flamethrower, M67 Grenades, M240 Bravo, M249 SAW, M1919, RPD, M60, Bowling Ball Mortar.
Now offering High-Explosive Classes (Open to the Public)
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February 14th, 2015, 10:11 AM #6
Re: Another dumb trust question.
Soooo....... if the ATF does not approve or register your trust, who does?
Am I missing a step?A Templar is truly a fearless knight, and secure on every side, for his soul is protected by the armor of faith, just as his body is protected by the armor of steel.
Big whoop, I'm spooning a Barret .50 Cal...... I could like kill a building.....
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February 14th, 2015, 10:53 AM #7
Re: Another dumb trust question.
Join the GOA & save $5.00. https://www.gunowners.org/mac-subs-join-goa.htm
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February 14th, 2015, 12:27 PM #8
Re: Another dumb trust question.
Washington County Machine Guns & Tactical Range -- CMP Affiliated Club -- FFL 07 / FFL 10 / FEL 20 / SOT 02 / ITAR
Largest MG Rental Business on the entire East Coast. M2HB, M9 Flamethrower, M67 Grenades, M240 Bravo, M249 SAW, M1919, RPD, M60, Bowling Ball Mortar.
Now offering High-Explosive Classes (Open to the Public)
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February 14th, 2015, 06:19 PM #9Super Member
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Re: Another dumb trust question.
Here's a question. I'm currently waiting on my tax stamp for a SBR. I efiled my Form 1, trust info and paid online. So now it's a waiting game. What I am curious about is if I want to purchase a suppressor.
Do I resend the trust info again with the suppressor paperwork?
Can I do the suppressor paperwork with one Form 1 still in pending status?
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February 14th, 2015, 07:26 PM #10
Re: Another dumb trust question.
Join the GOA & save $5.00. https://www.gunowners.org/mac-subs-join-goa.htm
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