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Loves His Wife
Picture of BRL
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Bump Cool

I have a question about my trust. If I were to perish in a fiery crash, I understand the items on my trust would be transferred to those on my trust, but what happens with the trust itself? Do the other people on my trust take ownership of the trust?

Let's take that one step further, hypothetically if my wife is on the trust after I pass and she were to take ownership like I assumed above, what happens when she passes if there were no other names on the trust? What happens to the trust and the items listed on the trust?



I am not BIPOLAR. I don't even like bears.


 
Posts: 12522 | Location: Western WI | Registered: January 05, 2009Reply With QuoteReport This Post
Now in Florida
Picture of ChicagoSigMan
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Finally got around to ordering a trust today in case I want to SBR one of my lowers.
 
Posts: 4410 | Location: FL | Registered: March 09, 2009Reply With QuoteReport This Post
Member
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Finally got it in gear, got the trust notarized down at city hall for $5, got my paperwork out to atf for a gemtech 45.
Going to sbr my mp5 10mm on a form one next week.


 
Posts: 928 | Location: Portsmouth, NH | Registered: October 11, 2006Reply With QuoteReport This Post
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Picture of ruger357
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quote:
Originally posted by BRL:
Bump Cool

I have a question about my trust. If I were to perish in a fiery crash, I understand the items on my trust would be transferred to those on my trust, but what happens with the trust itself? Do the other people on my trust take ownership of the trust?

Let's take that one step further, hypothetically if my wife is on the trust after I pass and she were to take ownership like I assumed above, what happens when she passes if there were no other names on the trust? What happens to the trust and the items listed on the trust?

If you run out of trustees I assume you named a beneficiary.


-----------------------------------------

Roll Tide!

Glock Certified Armorer
NRA Certified Firearms Instructor
 
Posts: 6132 | Location: Hoover, AL | Registered: November 06, 2006Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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If you pass away, the trust property goes to the beneficiary. It does not pass to the co-trustees.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
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Just ordered a trust from heavyd today!




 
Posts: 3725 | Location: Arkansas | Registered: September 04, 2008Reply With QuoteReport This Post
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Question:
I recently (October of 2015) relocated to Ohio for work. I am currently a resident of Ohio.

I plan on moving back to Florida early to mid 2017. Does it matter what state my Trust originated from? What about in regards to engraving the city of production onto a SBR lower?
 
Posts: 753 | Location: Columbus, OH | Registered: April 07, 2011Reply With QuoteReport This Post
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I ordered one over the weekend and had the package in my email on Tuesday. Could not have been easier. Highly recommend.
 
Posts: 243 | Location: New Orleans, LA | Registered: October 04, 2004Reply With QuoteReport This Post
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Dean returned my call the same day I contacted his firm. He provided clear answers to my questions. I just ordered the trust on his site. Excellent service.
 
Posts: 114 | Location: NW Ohio | Registered: January 04, 2015Reply With QuoteReport This Post
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Picture of WJR
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Little late to the party, but just ordered one.

WJR
 
Posts: 1742 | Location: Birmingham, AL USA | Registered: January 23, 2004Reply With QuoteReport This Post
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Picture of Rayden
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Finally hit submit. With so many good feedback from this trusted forum This should be good to go. Thanks!


-------------------------------
Firearms .... yeah I have a few.
 
Posts: 644 | Location: TX | Registered: March 08, 2008Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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quote:
Originally posted by fallenangelhim:
Question:
I recently (October of 2015) relocated to Ohio for work. I am currently a resident of Ohio.

I plan on moving back to Florida early to mid 2017. Does it matter what state my Trust originated from? What about in regards to engraving the city of production onto a SBR lower?


Our trust is valid in any NFA legal state you may move to. Give me a shout if you would like to discuss in greater detail.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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Below is a blog post that just went up on our website, linked below. You can download a free amendment that keeps your co-trustees from having to deal with the 41F requirements.

New 41F Update for all NFA Lawyers Clients:

The ATF will require fingerprints, pictures, and a law enforcement notification for all NFA applications postage marked on or after July 13, 2016. Only you, the creator (settlor) of the trust, must comply with these requirements if you follow the instructions below. The amendment and instructions below apply only to trusts drafted by NFA Lawyers, LLC.

- Download and complete this Amendment

- Get fingerprinted at your local gun shop or
detention center

- Obtain passport pictures from your local gun shop
or drug store

- Take the following to your dealer when you
purchase an NFA weapon

1) A copy of your entire Gun Trust and a blank
Assignment of Property
2) A copy of the Amendment you downloaded and
completed
3) Fingerprints
4) Passport pictures

- Your dealer will help you fill out any forms.
Most dealers also mail any forms for you.

You may shred this amendment upon approval of the NFA application. At this moment, all co-trustees are back on your trust and may possess all NFA weapons in the trust.

If submitting a Form 1 or Form 4 without a dealer, you must mail all of the above requirements to the ATF. A Form 5320.23 and a copy of the Form 1 or Form 4 must also be mailed to your local chief law enforcement officer (CLEO). This person is your local sheriff or constable. Regular mail is perfectly acceptable.

https://nfalawyers.com/new-41f...nfa-lawyers-clients/


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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41F begins July 13th. Applications eFiled or post marked by July 12th do not require fingerprints, pictures, or CLEO notification.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
Member
Picture of Rayden
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Dean,

I just got the trust docs from you last Friday. Does this July 13th deadline have anything to do with getting the trust docs notarized? Or is the deadline only refers to buying NFA items before that date and not needing fingerprints and CLEO notifications etc.?

quote:
Originally posted by heavyd:
41F begins July 13th. Applications eFiled or post marked by July 12th do not require fingerprints, pictures, or CLEO notification.


-------------------------------
Firearms .... yeah I have a few.
 
Posts: 644 | Location: TX | Registered: March 08, 2008Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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The latter. Only NFA applications sent in by tomorrow, July 12th, do not require fingerprints, picture, or CLEO notification.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
Member
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quote:
Originally posted by heavyd:
If you pass away, the trust property goes to the beneficiary. It does not pass to the co-trustees.


Does the trust continue on if the original individual passes away and passes on to the beneficiary? Or will a new trust need to be set up and transfers made to a new trust?
 
Posts: 47 | Registered: June 07, 2016Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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quote:
Originally posted by 06wrb:
quote:
Originally posted by heavyd:
If you pass away, the trust property goes to the beneficiary. It does not pass to the co-trustees.


Does the trust continue on if the original individual passes away and passes on to the beneficiary? Or will a new trust need to be set up and transfers made to a new trust?


A new trust would not be necessary. The beneficiaries can choose to amend the trust to pass property to the next generation.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
Member
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If I order one tomorrow can the application process be completed tomorrow in order to not have have to deal with the extra hassles?
 
Posts: 25 | Registered: February 26, 2007Reply With QuoteReport This Post
Dean of Law
Picture of heavyd
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quote:
Originally posted by privateer:
If I order one tomorrow can the application process be completed tomorrow in order to not have have to deal with the extra hassles?


It sure may.


H. Dean Phillips
$99 Gun Trusts
https://nfalawyers.com
 
Posts: 6393 | Location: Georgia | Registered: December 02, 2005Reply With QuoteReport This Post
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