Detailed NFA Trust Information

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  • cougar7890

    Member
    Oct 2, 2008
    60
    no, you don't have to send it to them. just keep the schedule A with your trust. however, you will have to attach the schedule A when you purchase your next NFA item. so let's say you get a stamp for an AAC suppressor, you list "AAC 762-SDN-6 suppressor, ABCDE12345 for serial #, and your address as your location on your schedule A. you keep the schedule A with your trust. next time you purchase a SBR, you send your trust and the schedule A along with application and $200. when you get the stamp back, you update your schedule A and keep it with your trust. you never have to send the updated schedule A until you make the next purchase. hope this clears up
     

    dontpanic

    Ultimate Member
    Jul 7, 2013
    6,631
    Timonium
    So what do I do with the dollar bill? Does this get sent somewhere to register the trust?

    Your trust does not get registered anywhere. After being notarized keep it with all your other important papers.

    I keep my dollar bill in the file folder with my trust.
     

    vc1911

    Member
    Jan 17, 2010
    24
    OC
    sub'd

    I just filed one from Silencerco and all of my questions were answered just here on page #9 of this thread.
    Thank you cougar & dontpanic.

    vc
     

    offroaD

    Active Member
    Jun 1, 2011
    566
    Can someone explain to me why this nfa trust stuff is so complicated? Given current federal and state laws why don't standard templates for a trust exist? Why does a lawyer have to draft one unique to me? And what are the "risks" people talk about all the time?
     

    outrider58

    Eats Bacon Raw
    MDS Supporter
    Jul 29, 2014
    49,818
    Can someone explain to me why this nfa trust stuff is so complicated? Given current federal and state laws why don't standard templates for a trust exist? Why does a lawyer have to draft one unique to me? And what are the "risks" people talk about all the time?

    Why don't you call me and ask? You know I' no lawyer but, I can answer most of your questions.
     

    BigDaddy

    Ultimate Member
    Feb 7, 2014
    2,235
    Can someone explain to me why this nfa trust stuff is so complicated? Given current federal and state laws why don't standard templates for a trust exist? Why does a lawyer have to draft one unique to me? And what are the "risks" people talk about all the time?

    This is an Arizona Gun Trust Lawyer but he outlines some of the failings of a do it yourself gun trust. http://www.keytlaw.com/arizonawills/do-it-yourself-gun-trust-mistakes/.
    I have not seen requirements for a MD Gun Trust spelled out.

    We've seen posts here that claimed that people copied trusts right down to using the exact same beneficiaries. We've seen people who don't know how to amend their trusts (whether done online or by a lawyer)

    Silencerco thinks it is simple and they will sell you a $129 trust. They are interested in selling silencers.
    I found a AZ lawyer who sells an instant trust for $249, a best value for $500 and a custom trust for $2,000, That lawyer is interested in selling trusts.

    I've read just about every gun trust post on the forum and all I know with certainty is: that I don't know what I don't know.

    Look at the thread on wearing reading glasses for shooting.
    None of us know if the OP has diabetes, glaucoma, detached retina, cataracts, macular degeneration, or he is just getting old. We assume it's the later; people have posted the following conflicted advice:

    Reading glasses will not allow you to see the front sight
    Reading glasses will allow you to see the front sight
    Get "computer" glasses
    Mail order glasses from a Optician/shooting specialist.
    Progressive lens work
    No way progressives work.
    Get trifocals
    Get the Merit f-stop device
    The Merit device won't work.
    Do eye exercises
    See an optometrist or ophthalmologist.

    No eye specialist has weighed in, but if they did, one might assume they are scheming to get a fee for an exam and selling him a $15 pair of glasses for $250.

    That's exactly what we assume when we hear a lawyer say you need lawyer for a gun trust.

    I'm too old to go back to school and get a degree in law or optometry.
     

    CroftonBilly

    Ultimate Member
    MDS Supporter
    Apr 26, 2011
    1,177
    Crofton
    FYI, Tower Federal Credit Union required that to set up a NFA Trust checking account, all persons listed in the Trust must be eligible for membership there. (Settlor, Trustees, Successor Trustee(s), Beneficiaries).


    Update: USAA came through like a champ though... like they always do. They just needed SSN and DOB for non-USAA-members listed on the trust.
     
    Last edited:

    Mike96ZJ

    Member
    Mar 1, 2009
    39
    California, MD
    So what do you do if you lost the original notarized copy of trust paperwork? I still have the electronic document, so I can print another copy but it won't be "original."
     

    OnTarget

    Ultimate Member
    Mar 29, 2009
    3,154
    WV
    I just bought my trust from 199trust.com. It was a Gearhog special for $59. I entered all my information and 1 day later my trust was emailed to me. (I had entered the wrong email and they actually called to confirm delivery)

    My BIL is an attorney who specializes in real estate trusts. He looked this trust over and said it covers the areas needed. Just that I needed to have something in the trust in order to activate it.

    Yesterday I went to my credit union and they notarized and witnessed my trust and I added a $1 bill to the schedule A.

    30 minutes later I was at Duffy's buying my first NFA item. I have been reading up about trusts for months now and finally fealt comfortable enough to do it.

    This was my experience FWIW

    Now to get this SBR issue worked out so I can do a form 1. Thanks to everyone that supplied information in the past. It was very helpful.

    Edit: I used personal checks. One to the shop and a $200 one to BATF.

    Do you mean that you penned on Schedule A that you added a dollar to Trust?
     

    Hawkeye

    The Leatherstocking
    Jan 29, 2009
    3,971
    Do you mean that you penned on Schedule A that you added a dollar to Trust?

    Yup.

    The trust has to be "funded" (i.e. own property) for it to exist as a legal entity. Lots of people do this by giving it a dollar bill. You list it on the Schedule A as Make: US Treasury. Model: One Dollar Bill. Serial Number: whatever the serial number of the bill is.

    Then you just have to keep that bill somewhere. Mine is in the folder with my original trust paperwork. Later on you can remove it if you want to once the trust has other property.
     

    protegeV

    Ready to go
    Apr 3, 2011
    46,880
    TX
    Yup.

    The trust has to be "funded" (i.e. own property) for it to exist as a legal entity. Lots of people do this by giving it a dollar bill. You list it on the Schedule A as Make: US Treasury. Model: One Dollar Bill. Serial Number: whatever the serial number of the bill is.

    Then you just have to keep that bill somewhere. Mine is in the folder with my original trust paperwork. Later on you can remove it if you want to once the trust has other property.
    I'm trying my best not to laugh at this part...
     

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