NFA Trusts

Hello all,
New to the forum and have an NFA question. Ill preface this by saying though i fell very comfortable with firearms law some of the civil issues associated with trusts boggle me. If I want to set up a trust and have my friend included as a trustee, can that be done? I have Quicken Willmaker but it does not allow me to add a trustee outside of my wife. I greatly appreciate the help.

I used Quicken Willmaker Plus, as well, to create my document.

In Part 7, Trustees, Section A, Original Trustees of the Declaration of Trust, it should list both you and your wife as trustees. Specifically stating:

"... and ... are the trustees of this trust. Either alone may act for or represent the trust in any transaction."

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When I had my finished document, I exported it to Word and then tweaked it how I saw fit. But the program should automatically create the above line on it's own. You can edit and add your friend in there as well, after you export it.

Cool, so I can add him as a trustee I just have to add it through word?

Originally Posted by Tuffcop

Cool, so I can add him as a trustee I just have to add it through word?

Yep, I believe so. The program, as you saw, only lets you add the two primaries... but you can edit it after you export it. Some Trusts only have a single trustee (option when you could choose single, married) while some have a panel or board of trustees. Just depends on the Trust and how it's built.

I'm of course not a lawyer, but I did sleep at a Holiday Inn Express last night.

When I asked my attorney about the specifics, and whether or not I had to register my Trust in my state (KY), he pretty much said what I told you above.

now that your question is answered, welcome to the forum! thanks for doing your job!

ya welcome to the forum

Hire a trust attorney and set the trust up for everything you own. Property, guns, retirement, hell, even your shoes. If you have children under 18 you need a real trust. Ease of NFA will be a side benefit

Although seeking an attorney is always sound advice, it's definitely not needed for a Legal Trust for an NFA item.

You can easily do that in the WillMaker program, on your own. I see what you're saying in regards to setting up a trust for all of your belongings (something important and worth doing, for sure), but that doesn't make too much sense if you're primarily using it for the SBR weapon... especially when you can have more than one Trust.

That's why I specifically created mine as "John Doe's NFA Trust" and engraved the lower receiver with the same info. The only items in that legal document are the lower receivers. Legal cost = $0.00

My other worldly possessions will go in a separate Trust, which will be created by my attorney and I.

Today, I purchased a YHM suppressor for my SBR AR. I plan to go with a trust for this NFA item, but I have a few questions.

Is there an advantage to establishing a trust in both (me and my spouses) names?

Is there a limit to the beneficiaries that can be named within the trust? For now I plan to include my son and brother (and any other good friends)

I submited the required documents/prints/LEO signature for my SBR. Can I add my SBR to my trust when my suppressor is approved? Does the ATF have to be notified if my SBR is added to the trust?

I bought the Quicken Willmaker 2009 and I'm using http://www.86th.org/?id=nfa-trust#Form5330.20-3 as a guide. There are some subtle changes, but is very to navigate and understand.

The advantage of having both you and your wife as trustees is that both of you can have possession of the NFA items. I am not sure about the number of beneficiaries you can have. Also, I believe only trustees can possess the NFA items.

Be advised that moving your previously registered SBR into your trust will require filing another Form 4 and paying another $200.