All,
I know the Responsible Party thing has been beat to death across the internet. What I am unable to find is that for folks who have used Nolo to create a trust and have filed a Form 1 post 41F, who did the ATF determine as a Responsible Party on your trust? I have used this trust for a Form 1 pre-41F, but not since. My trust is setup as follows:
Grantor: Me
Trustee: Me
Successor Trustee: Wife, if not her, Male best friend
Determiner of Incapacity: Sister
Beneficiary: Wife, then 3 year old son if she does not survive me
Custodian: Female Best Friend
Based on my readings and interpretations, I am the only one who would need to submit photos and fingerprint cards because I am the only Trustee, and Successor Trustees do not. However before I send paperwork on 3 different lowers at the same time, I’d like to have a clear answer if possible. Thanks for any guidance.
The general interpretation would say you’re correct.
However, as you know…each trust could be written differently. Do any of your other titles give them the ability to be in possession of the items? That’s the first item that should be easily answered to know if you need to ask further questions. I’ve never seen a Nolo trust to know.
Generally speaking, the grantor/trustee/cotrustee all need them. Beneficiary and Successor Trustees do not (as they have no power over anything until the folks that do pass away). That being said, you could write a trust with bizarre verbiage that changed that. I saw a trust where the grantor was not a trustee, and was not a RP. I’ve also seen many folks that think their successor trustee can take the items out and buy use them. I’ve seen beneficiaries get mad when I refused a transfer to them.
If you want to try to understand the trust, read it in detail. If you want to know for sure on the wording of your trust— consult a lawyer.
Yea BigWaylon has been helping me some on our local Carolinas forum. Just wanted to post here to open the question to a larger audience. I could go the lawyer route but don’t particularly want to pay $250 or so to have them review or write a new trust.
I would submit a trust with as few names in it as possible; really just a beneficiary. Then, do the amendment to make it into the trust you actually want.