NFA Trust question

Discussion in 'NFA/Class 3 & FFL Discussion' started by Squawk, Jan 18, 2014.

  1. Squawk

    Squawk New Member

    864
    0
    0
    I'll try to make this simple as I can. I am becoming a NFA Trustee to my best friends trust. I understand that as a trustee, I am allowed to possess items listed in the trust. Correct me if I'm wrong.

    If want to buy a suppressor, as a trustee, can I add the suppressor to the trust or is the Settlor the only one who can add items to the trust?
     
  2. MisterMcCool

    MisterMcCool Well-Known Member Supporter

    12,992
    443
    83
    Great question. :)
    I have no idea. :(
    Ask some of the more senior trust members?
     

  3. Axxe55

    Axxe55 The Apocalypse Is Coming.....

    7
    2
    0
    that is a very good question.

    i know the person that has the trust can add or remove people from the trust and add or remove items to the trust. but as to whether a person named in the trust can or can't i don't know.
     
  4. purehavoc

    purehavoc New Member

    4,799
    2
    0
    I dont think you yourself can add items to the trust . Call the BATFE monday and ask . Thats the best way of being 100% sure
     
  5. Squawk

    Squawk New Member

    864
    0
    0
    Can you have two Settlors? Is there anyway through a trust that two people can buy and add NFA Items to a trust?
     
  6. Squawk

    Squawk New Member

    864
    0
    0
    Good morning bump
     
  7. sparky80

    sparky80 New Member

    407
    0
    0
    I think you can add to the trust as a co-trustee. My wife is on mine as a co-trustee and she has her own assignment page to add items. Definitely check with the BATFE or the lawyer who wrote the trust.
     
  8. Squawk

    Squawk New Member

    864
    0
    0
    Finally got a call back from the BATFE.

    As long as it is worded in the trust that co-trustees can add items to the trust, then it is fine.
     
  9. JonM

    JonM Moderator

    20,110
    19
    38
    My opinion get your own trust. I wouldn't be on a nfa trust with someone I wasn't married to for a good while... that whole thing of going into business with friends thing.
     
  10. Squawk

    Squawk New Member

    864
    0
    0
    This is more like a brother. We have known each other since we were in diapers. I trust him more than most of my family.
     
  11. stateofbliss

    stateofbliss New Member

    4
    0
    0
    Possession - and Trustee Possession.

    I believe if you were, as you can, ensure all acquired assets are in your personal control or security - kinda defeating the Trust purpose in the 1st place - I wouldn't worry about any asset being sold by a Trustee/Co-Trustee.

    And I know it's sketchy, but imagine a Trust limiting the item(s) that a Trustee/CoTrustee has control over. ie:
    Jane - all machine guns
    Jeff - all suppressors
    Jeri - all SBRs
    etc...
    Something I'd be interested in. Limits the hands on the golden eggs...

     
  12. Txhillbilly

    Txhillbilly Active Member

    4,435
    30
    38
    Anyone that is listed on the trust can add items to it,but be aware,those items then belong to that trust,not yourself.
    If problems come between the originator of the trust and yourself,you could lose whatever items that you signed into the trust.

    I have 4 family members and friends on my trust,and it's stated in the trust that anyone may add items to it.