So I would like to form a trust for purchasing any future NFA weapons. I would like to have 2 trustees, myself and my fiance. My fiance nearly shoots as much as I do and she is begging to have an M16 someday. Therefore it is important that she is also included as a trustee or someone that is permitted to possess the NFA items. I currently have WillMaker and I was looking at the trusts. The AB trust requires that the 2 people be married (we are NOT married yet and won't be for 2 years; I can't wait that long). The basic trust only allows a single trustee. Is this the law or is this just the way Willmaker does it?

ReCap: Can I form a trust with 2 trustees if I am NOT married to the other person? Can I form a trust for myself as an individual now and add a second trustee (spouse) to it when I get married?

Can I form a simple trust today, get an NFA item then reform the trust as an AB trust later under the same name so that it is essentially the same trust?

Is there anyway to do the trust method and allow her to have full possession rights? What about limited possession rights that don't require my presence?

I am not an expert on Indiana trusts, many states have adopted the uniform trust code or act. Generally you can have multiple trustees, this is typical in a family trust where both parents are trustees or for the children or vice versa. You could make both you and the girl friend trustees and beneficiaries of the trust.

Reform is probably not the term you are looking for, most trusts created for the purpose you suggest are revocable and can be amended, a trust that is amendable can potentially allow the change of trustees and the addition of new trustees and beneficiaries.

If you are both trustees and both beneficiaries of the trust, to the extent that the trust gives you equal rights and powers then you would be equally entitled to possession.

Lastly, you can always reserve the power to amend to you as grantor, just in case it does not work out with this girl friend. (a little sarcasm)

quote:

Originally posted by RP:
I am not an expert on Indiana trusts, many states have adopted the uniform trust code or act. Generally you can have multiple trustees, this is typical in a family trust where both parents are trustees or for the children or vice versa. You could make both you and the girl friend trustees and beneficiaries of the trust.

Reform is probably not the term you are looking for, most trusts created for the purpose you suggest are revocable and can be amended, a trust that is amendable can potentially allow the change of trustees and the addition of new trustees and beneficiaries.

If you are both trustees and both beneficiaries of the trust, to the extent that the trust gives you equal rights and powers then you would be equally entitled to possession.

Lastly, you can always reserve the power to amend to you as grantor, just in case it does not work out with this girl friend. (a little sarcasm)

Ok, thats what I thought, but for some reason WillMaker only allows you to put one trustee in on trusts other than the AB trusts (which are for married couples only).
Can anybody else back this up?

BTW, she's a true keeper. We've known each other for 7 years, dated some in high school and then again in college and now we're engaged. Not many girls out there are great as she is.

My recommendation would be to speak to an attorney. While mine cost me significantly more than a piece of software would have, I can tell you that being able to use their expertise with questions like yours was well worth it.

Right now, the trust cost me less than 10% of what I have investeded in the trust items, so I consider that money well spent to know that it was prepared properly.

I used an attorney on my trust. It has a granter, trustee and beneficiary listed. On mine they are all me but they could be others.

quote:

Originally posted by cne411:
I used an attorney on my trust. It has a granter, trustee and beneficiary listed. On mine they are all me but they could be others.

I did not think that all three could be the same person. What is the purpose of making you the beneficiary?

NFA trusts are usually revocable living trusts.
zzz

What are you trying to achieve by creating a trust for your NFA items? What benefits are you trying to realize from the trust owning the NFA items rather than you individually?

quote:

Originally posted by gatormba:
What are you trying to achieve by creating a trust for your NFA items? What benefits are you trying to realize from the trust owning the NFA items rather than you individually?

The two main reasons I setup a trust for my NFA items:

1. Easier process - no LEO signature, no photos, no fingerprints each time I purchase something
2. More flexibility - because my wife is part of my trust, she can legally possess the firearms at any time. I can also add others for the same reason (children, friends, etc.). Without the trust, I was the only one who could legally possess the items.

NFA trusts have many benefits. I have set them up for myself and others. I am an attorney in Tennessee and a portion of my practice involves representing FFL's, explosive permitees, individuals seeking handgun permits, and, of course, setting up a wide variety of trusts.

At the present, BATFE accepts trusts. That may change but it exists now.

While not commenting on the laws of your state (see an attorney), most state laws provide for revocable (inter vivos) trusts as one of many types of trusts. Most trusts have no limits on the number of grantors, the number of trustees (or successor/alternate trustees), the number or sequence of beneficiaries, etc. The canned software products might get the job done in terms of an ATF registration but there are risks in using such products (for example, premature termination of the trust puts the NFA firearm at risk).

Like I said, I practice in TN and I can answer questions on TN issues.

[QUOTE]Originally posted by jostro:
My recommendation would be to speak to an attorney. While mine cost me significantly more than a piece of software would have, I can tell you that being able to use their expertise with questions like yours was well worth it.[QUOTE]

+1

quote:

Originally posted by bdavis:

quote:

Originally posted by cne411:
I used an attorney on my trust. It has a granter, trustee and beneficiary listed. On mine they are all me but they could be others.

I did not think that all three could be the same person. What is the purpose of making you the beneficiary?

My attorney set it up that way, I don't have any children and am not married. He said people put things in trusts for themselves for tax purposes. My trust was set up to hold NFA items and that is all it does.

So far I have 4 SBR's and 5 cans in it.

Tennfire, if the BATF decides not to accept NFA trusts in the future, how might that affect existing trusts?

I'm wondering if, for example, putting guns in a trust might make it harder in the future to transfer them to an individual. Alternately, perhaps it would make it easier.

I know you probably cannot say precisely, but if you could give us an educated guess, I would greatly appreciate it.

Get a lawyer to prepare your trust to make sure that it is prepared correctly. You are talking about owning NFA stuff, like a machine gun. If the trust was not prepared correctly, you could wind up in possession of illegal NFA items. Last I looked it was a $250,000 fine and 10 years in prison.

Don't skimp on the trust. Pay the $2-300 to get it done right by a professional. If you are serios about getting involved in NFA stuff, $300 is a very small drop in the bucket compared to a $12,000 machine gun.