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41P ... now what? Login/Join 
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Picture of kimberkid
posted
I'm the only trustee on my trust ... my son, who now lives in another state is the Beneficiary of the Trust ...

Now that 41P is in effect, do I need his fingerprints when I add another NFA item in the trust, even though he is only the beneficiary?
It seems that I've read finger prints are only required for additional trustee's if they are on the Trust at the time of submission.


If you really want something you'll find a way ...
... if you don't you'll find an excuse.

I'm really not a "kid" anymore ... but I haven't grown up yet either Wink
 
Posts: 3945 | Registered: January 11, 2007Reply With QuoteReport This Post
Get on the fifty!
Picture of Andyb
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I would either make another trust or file as an individual. That way it leaves your previous trust in it's current state not requiring anything of you or the co trustees.




When in doubt, pinky out.
 
Posts: 2664 | Location: Oklahoma | Registered: November 07, 2008Reply With QuoteReport This Post
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No. Only four trustees. A beneficiary can be a trustee, but that does not sound like the case in your trust. There is no need whatsoever to form another trust or buy as an individual.
 
Posts: 1812 | Location: Iowa | Registered: February 24, 2011Reply With QuoteReport This Post
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quote:
Originally posted by DaBigBR:
No. Only four trustees. A beneficiary can be a trustee, but that does not sound like the case in your trust. There is no need whatsoever to form another trust or buy as an individual.


X2
 
Posts: 128 | Location: DFW | Registered: January 04, 2017Reply With QuoteReport This Post
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Picture of kimberkid
posted Hide Post
quote:
Originally posted by DaBigBR:
{snip}
There is no need whatsoever to form another trust or buy as an individual.

So you are saying I can just use this trust and send it in with my prints only?


If you really want something you'll find a way ...
... if you don't you'll find an excuse.

I'm really not a "kid" anymore ... but I haven't grown up yet either Wink
 
Posts: 3945 | Registered: January 11, 2007Reply With QuoteReport This Post
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Yes. Only "responsible persons" need to be fingerprinted. Beneficiaries are not responsible persons unless they are granted the authority to manage the trust. Generally, beneficiaries have no management role unless they are also trustees, but every NFA trust I have seen has drawn a clear line.
 
Posts: 1812 | Location: Iowa | Registered: February 24, 2011Reply With QuoteReport This Post
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Picture of ruger357
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quote:
Originally posted by DaBigBR:
Yes. Only "responsible persons" need to be fingerprinted. Beneficiaries are not responsible persons unless they are granted the authority to manage the trust. Generally, beneficiaries have no management role unless they are also trustees, but every NFA trust I have seen has drawn a clear line.


This is correct. And just FYI, it's 41F now because it's final.


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

Roll Tide!

Glock Certified Armorer
NRA Certified Firearms Instructor
 
Posts: 6006 | Location: Hoover, AL | Registered: November 06, 2006Reply With QuoteReport This Post
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With an existing trust established prior to 41f, if a trustee is added do fingerprints have to be submitted? Not adding any items, just a change in trustees.
 
Posts: 132 | Location: Southeast Tennessee | Registered: September 30, 2008Reply With QuoteReport This Post
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Picture of PGT
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quote:
Originally posted by Tn226:
With an existing trust established prior to 41f, if a trustee is added do fingerprints have to be submitted? Not adding any items, just a change in trustees.


If there's no pending application to BATFE, no notification is needed. You can add/delete trustees at will. The issue becomes when you have an outstanding application with one set of trustees/prints/docs and you change things.

BATFE has guidelines on how to determine if someone is a "Responsible Person". It basically comes down to whether they have the power to alter the trust and/or sell/acquire/possess on behalf of the trust. The Cliff Notes version; if the person is permitted to possess the NFA item, 41F wants prints/pics/NICS check on them.
 
Posts: 609 | Location: Leesburg VA | Registered: December 21, 2014Reply With QuoteReport This Post
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