Amending NFA Trust (adding trustees)?

Interested2004 · Apr 26, 2015

Not looking for legal advice, just curious as to if anyone here has ever added trustees and/or changed beneficiaries.

The language in my declaration states

The term "this Declaration of Trust" includes any provisions added by valid amendment.
Part 4. Amendment and Revocation
A. Amendment or Revocation by Grantor
The grantor may amend or revoke this trust at any time, without notifying any beneficiary. An amendment must be made in writing and signed by the grantor. Revocation may be in writing or any manner allowed by law.

I've ran it by quite a few attorneys (they think I'm good to go), but regrettably, they are all out of state.

I'm just wondering if there are any specific rules promulgated by by BATFE or the state of Maryland with regard to amendments. If anyone knows, I would appreciate the heads up...

outrider58 · Apr 26, 2015

Been wondering about this myself.

Straightshooter · Apr 26, 2015

You only need to write an amendment and attach it to the trust. Google "amending a trust" for many examples. IANAL so I may know nothing of which I speak.

teratos · Apr 26, 2015

Straightshooter said:
You only need to write an amendment and attach it to the trust. Google "amending a trust" for many examples. IANAL so I may know nothing of which I speak.

That's what I did. I've gotten 4 stamps with my amended trust.

j_h_smith · Apr 26, 2015

Talk to the lawyer that wrote your trust.

outrider58 · Apr 26, 2015

j_h_smith said:
Talk to the lawyer that wrote your trust.

Mine just retired... :lol2:

BigDaddy · Apr 26, 2015

Estate law and NFA law may or may not be different. IANAL My own estate lawyer, lectures on the subject of estate law, but seems to know very little about NFA law.

My mother's estate allowed for amendments. I was a trustee in the event of incapacitation or death. When it became apparent that she would soon mentally no longer be able to serve as trustee, the lawyer created two documents:

1) We are going to amend the trust
2) We amended it and my son is now a trustee.

Were both necessary? I have no idea, but it seems to cover all the bases.
I have read just about every post on NFA trusts and the more I read, the less I know.

You can spend $100 or less and get an internet trust that will pass muster to allow you to buy an NFA item.

After that, there are anecdotal reports of trusts, copied by the stupid, naming someone in the original internet trust as their trustee or beneficiary.

I suspect it can be done, whether you can DIY, maybe, not the route I would choose.

j_h_smith · Apr 26, 2015

I didn't do it, I didn't do it.

rico903 · Apr 28, 2015

I've been trying to figure out how to do this myself. I googled it and ended up more confused. I found a doc that was an amendment template but I don't know what has to be done afterwards. Generally speaking I do know that as the grantor of a revocable trust you can change it at anytime. The lawyer that did my trust wants almost as much money to do an amendment which looking at the online template looks like a 5 minute job.
Teratos-after you drew up an amendment what did you do with it? Did you have to have it notarized and/or sent to BATF?

SSDD · Apr 28, 2015

rico903 said:
I've been trying to figure out how to do this myself. I googled it and ended up more confused. I found a doc that was an amendment template but I don't know what has to be done afterwards. Generally speaking I do know that as the grantor of a revocable trust you can change it at anytime. The lawyer that did my trust wants almost as much money to do an amendment which looking at the online template looks like a 5 minute job.
Teratos-after you drew up an amendment what did you do with it? Did you have to have it notarized and/or sent to BATF?

I had my trust done through Stouffer Legal (an IP here) and confirmed that all reasonable administrative changes are covered by the initial fee. They included forms to add cotrustees and trustees in my initial packet. I would give them a shout and see if they can help you out for a more reasonable fee.

fred333 · Apr 28, 2015

SSDD said:
I had my trust done through Stouffer Legal (an IP here) and confirmed that all reasonable administrative changes are covered by the initial fee. They included forms to add cotrustees and trustees in my initial packet. I would give them a shout and see if they can help you out for a more reasonable fee.

Ditto.

JohnnyE · Apr 28, 2015

SSDD said:
I had my trust done through Stouffer Legal (an IP here) and confirmed that all reasonable administrative changes are covered by the initial fee. They included forms to add cotrustees and trustees in my initial packet. I would give them a shout and see if they can help you out for a more reasonable fee.

Ms. Stouffer handled my NFA trust, and she was a pleasure to deal with and very responsive, even to the follow-up questions I had after the paperwork was done. She gets a solid :thumbsup:

rico903 · Apr 29, 2015

SSDD said:
I had my trust done through Stouffer Legal (an IP here) and confirmed that all reasonable administrative changes are covered by the initial fee. They included forms to add cotrustees and trustees in my initial packet. I would give them a shout and see if they can help you out for a more reasonable fee.

I've heard nothing but good about her. I don't believe she was on here when I had mine done or would have used her. She did respond to an email and her fee for the amendment is $150 which doesn't seem out of line. Money is tight and I'd like to do it on my own but want it to be totally legal.

pilotguy · May 16, 2015

You can also do a restatement of the original trust.

Sent from my iPad using Tapatalk

rico903 · May 17, 2015

pilotguy said:
You can also do a restatement of the original trust.

Sent from my iPad using Tapatalk

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Amending NFA Trust (adding trustees)?

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