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| More persistent than capable |
I have an existing trust with a few suppressors in it. Having moved from the state where it was written and needing to update or re write the trust in the new state, what are my options if a new trust is needed? Lick the lollipop of mediocrity once and you suck forever. | ||
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| Member |
Perhaps a restatement? Wish I was more help seems this has been asked before. Hopefully HeavyD will be along shortly with a more lawyerly answer. | |||
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| Member |
Actually, doing a little searching, it sounds like the answer is... nothing. The trust is still valid and recognized by other states | |||
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| More persistent than capable |
Thanks for the input BR. Where did you search to get the info? Lick the lollipop of mediocrity once and you suck forever. | |||
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| Member |
Just a Google search of "moving gun trust to another state" or similar (I tried that just now, but earlier I was searching on my phone and used something similar). Lots of results on different forums and on gun lawyer sights. Obviously nothing beats actual legal advice. | |||
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Repressed |
I believe you have to notify the ATF that you have moved, as a practical matter. Now, it's usually a good idea to keep trust and estate documents current. Depending on the nature of your trust - and I'd need to read your trust documents to know for sure, as well as be licensed in the involved jurisdictions - but you may be able to prepare or have prepared a simple amendment that handles changing relevant addresses and jurisdictional declarations and choices to the extent your trust addresses such matters. Should you ever look to add another NFA item to your trust, if it's out of date and your current address doesn't match up with the jurisdictional declarations or addresses named in your trust, you may have some trouble getting your purchase approved. Of course, this advice is worth exactly what you paid for it, and consulting a local attorney in your jurisdiction is typically the best medicine. -ShneaSIG Oh, by the way, which one's "Pink?" | |||
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| More persistent than capable |
Form 53.20 completed before the move. As far as amendments, the original trust is from 1997 and will likely be easier to start from scratch. Lick the lollipop of mediocrity once and you suck forever. | |||
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| Repressed |
Doing an "amendment and restatement" of the trust is probably in order if that's the case. A whole new trust would require transfers between the old trust and new trust, paying the $200 fee for each item, all the ATF forms, etc. -ShneaSIG Oh, by the way, which one's "Pink?" | |||
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| Member |
Or the old trust could remain as is and new items could go in a new trust. I suggest chatting with forum member HeavyD and buying his gun trust. | |||
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| Repressed |
While true, the goal of keeping an active trust updated isn't served. The secondary goal of NFA trusts usually is as basic estate planning tool to assist in preserving the NFA items owned in trust. Assuming the OP doesn't want to transfer any new NFA assets into the existing trust, then the real problems with your suggestion probably only arise after the death or incompetency of the OP and if there is a squabble among successor trustees and/or beneficiaries over who gets what, in which event jurisdictional, venue, convenience, and choice of law problems would be likely to arise. Then there's the matter of what else has changed in 21 years. Successor trustees once named may no longer be readily available or even alive, or the preference for who should serve as successor trustee may have changed. Same for beneficiaries, or there may now be new beneficiaries to include. Maybe it's not that big of a deal for a trust estate that consists of a few thousand dollars worth of suppressors - that's up to the OP to decide how much he's bothered if his trust fails and his intended beneficiaries lose out. But, if the trust estate is bigger - for example, maybe the trust has a few machine guns - then there's certainly a bigger concern. In my prior practice, when I still did litigation, I made lots of money thanks to people who didn't keep their estate plans current and update them when major life events occurred. That's the real takeaway here, whether an NFA trust or other estate planning vehicle, keep it updated and keep it current. -ShneaSIG Oh, by the way, which one's "Pink?" | |||
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| Member |
poke around this site some...lots of answers there. https://www.guntrustlawyer.com/category/faq-s/ When I relocated, I just did a simple address update on the trust and the required notification (form 5320.20) to ATF for the permanent change of address. It was pretty simple. I would not recommend that you create another trust. | |||
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| More persistent than capable |
Yes the Trust was in place years before the NFA items were acquired. I will seek amendments. Thanks to all who replied and again raised the level of awareness on this forum. Lick the lollipop of mediocrity once and you suck forever. | |||
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