I’m getting ready to purchase a .22lr suppressor and have a few questions. Can I put anyone on the trust that can legally own a firearm or is it only family? I don’t have any family (yet since I’m single without kids) that are into firearms so I was going to put a very close friend as a beneficiary. Can you add people to a trust down the road like kids or a wife?
This whole nfa voyage is one giant pain in the ass. This is probably my third time in the last year that I’ve looked into this and each time I’ve given up bc of the hassle. So many things to understand
You can put anyone you would like that can legally own a firearm. You can add and remove people in the future.
I highly recommend that you speak with an attorney in your area that is familiar with NFA specific trusts. There are many things to consider when you have multiple trustees. Think ownership rights. I personally wouldn’t put anyone in it that I am not planning on on spending the rest of my life with. Never think of sharing the cost of an NFA item over the trustees to bring down costs. Big problems can arise in the future. JMHO as a non-attorney.
You have to add someone. If you are the only creator, only trustee, and the only beneficiary, the trust may fail. The merger doctrine may terminate the trust when the legal title of the trustee is held simultaneously with the equitable title of the beneficiary.
You can amend the trust to change trustees and beneficiaries at a later date.
Ok that’s what I thought. There’s only one person I want on there and were not splitting the cost. It would just make life easier in case something happens
As noted above, you generally can put anyone on the trust as a beneficiary. Trustees, however, must meet the legal qualifications, etc. For example, 7 and 5 yr children are beneficiaries but cannot be trustees because they cannot legally possess / control those items.
Moreover, you can address the unborn / unadopted child issue by simply inserting language that they will be beneficiaries to share jointly or supersede your friend. I added that kind of language when my trust was done in 09. Thus, I don’t have to add my 11 month old by name for him to be a beneficiary.
This is why I did a trust. Multiple owners, kids, grand kids. This is the real reason that the trust option exists. It is also the reason that these rumors abound about trusts submital and individual submittal for a form 4 may converge from the fingerprints, photos… requirement. Go see an attorney, needs to be a good NFA attorney.
im in owensboro, ky and class III dealer/owner in louisville led me to a lawyer in lexington that is pretty good with the NFA stuff. only charges $200 to do a trust. once the tax returns come in its game on!