About to get a second suppressor, looking at going with a gun trust this time. Setting it up between me and my brother. Both of us are unmarried with no kids. So if I have kids one day and want to change it to be between me and my kids do I have to send my new trust to the NFA again?
Suppressors Gun trust name change
- Thread starter turbosc
- Start date
Re: Gun trust name change
If legal in your state you could just name your brother as a trustee and/or beneficiary when you create this trust rather than have to create a new trust when kids come. Just changing trustee/bene assignments in existing trust doesn't effect NFA. Creating a new trust would probably mean having to transfer the can and pay $200 on a new form 4. Might want to check with an attorney familiar with both NFA and your state trust requirements.
If legal in your state you could just name your brother as a trustee and/or beneficiary when you create this trust rather than have to create a new trust when kids come. Just changing trustee/bene assignments in existing trust doesn't effect NFA. Creating a new trust would probably mean having to transfer the can and pay $200 on a new form 4. Might want to check with an attorney familiar with both NFA and your state trust requirements.
Re: Gun trust name change
+1
Make yourself the Executor of the trust, and name yourself and your brother as co-trustee's of it. This way, only you can add or remove co-trustees and beneficiaries.
+1
Make yourself the Executor of the trust, and name yourself and your brother as co-trustee's of it. This way, only you can add or remove co-trustees and beneficiaries.
Re: Gun trust name change
Yes...name the trust what you want and just add him as a trustee and beneficiary.
Yes...name the trust what you want and just add him as a trustee and beneficiary.
Re: Gun trust name change
Correction: Name yourself as "Settlor", and "trustee". Name your broham as "Co-trustee". Ultimately, the settlor and first named trustee have the power to add/remove/modify.
Correction: Name yourself as "Settlor", and "trustee". Name your broham as "Co-trustee". Ultimately, the settlor and first named trustee have the power to add/remove/modify.
Re: Gun trust name change
My brother and I were in the same position when we had our trust drawn up. No problem with modifying it to add children, change beneficiaries, add his wife as a trustee, etc. Make sure your trust is revocable.
My brother and I were in the same position when we had our trust drawn up. No problem with modifying it to add children, change beneficiaries, add his wife as a trustee, etc. Make sure your trust is revocable.
