Another dumb trust question.

[1096369fred]

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!!!!
Fred

[WCMG]

...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. ...

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.

[1096369fred]

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!
Fred

[Hodgie]

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=Xz7wpcgUq98

[WCMG]

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!
Fred

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.

[1096369fred]

Soooo....... if the ATF does not approve or register your trust, who does?

Am I missing a step?

[Hodgie]

Soooo....... if the ATF does not approve or register your trust, who does?

Am I missing a step?

Nobody it's up too you to make sure it's 100% valid in your state.

[WCMG]

Soooo....... if the ATF does not approve or register your trust, who does?

Am I missing a step?

No one. That's the beauty of a trust, it's not registered or filed with anyone.

[AirportFF]

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?

[Hodgie]

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?

You use the same trust however it's Dont on the form 4 and cannot be efiled as of yet so just mail it in with a check.