Suppressors Multiple Gun Trusts? Legal Experts inside please.

[GT40MkI]

A few questions to clear up some rumors I have heard - I'm a very by the book player and did my first can with prints and cleo signature - then found the magic of the Trust.

1.) Is it legal/possible/sensible to have more than one Revocable living trust?

2.) My original RLT is getting pretty full, and I'm about to buy a couple more suppressors and send off for an SBR or two. Would it make sense to break these out into a separate RLT?

3.) <span style="font-weight: bold">Legally</span> - if my brother is co-trustee or beneficiary of the living trust could he hold/keep/use the items without me being there?

4.) I was also told (and highly doubt) that if I wanted to sell and transfer an item on it's own trust it was as easy as adding the buyer to the existing trust and having it notarized as it is a living document....

Thanks in advance and sorry if these seem like "dumb" questions - just wondering if anyone has experience good or bad with a similar situation.

Fortunately I'm in the Great State of Texas - looking forward to info.

 

[GT40MkI]

Re: Multiple Gun Trusts? Legal Experts inside please.

http://www.texasnfatrust.com/products.htm

Anyone? Comments?

 

[LoneWolfUSMC]

Re: Multiple Gun Trusts? Legal Experts inside please.

You are asking for legal advice. It's usually best to speak with a Lawyer who is familiar with Estate Planning AND NFA items.

 

[KYS]

Re: Multiple Gun Trusts? Legal Experts inside please.

Talk to a lawyer..... not an internet forum

 

[ORD]

Re: Multiple Gun Trusts? Legal Experts inside please.

+1 on all of the above...and be sure it is a lawyer in TEXAS who is also familiar with TEXAS law on trusts and estates (as well as the NFA).

 

[raider1v1]

Re: Multiple Gun Trusts? Legal Experts inside please.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: GT40MkI</div><div class="ubbcode-body">A few questions to clear up some rumors I have heard - I'm a very by the book player and did my first can with prints and cleo signature - then found the magic of the Trust.

1.) Is it legal/possible/sensible to have more than one Revocable living trust?

2.) My original RLT is getting pretty full, and I'm about to buy a couple more suppressors and send off for an SBR or two. Would it make sense to break these out into a separate RLT?

3.) <span style="font-weight: bold">Legally</span> - if my brother is co-trustee or beneficiary of the living trust could he hold/keep/use the items without me being there?

4.) I was also told (and highly doubt) that if I wanted to sell and transfer an item on it's own trust it was as easy as adding the buyer to the existing trust and having it notarized as it is a living document....

Thanks in advance and sorry if these seem like "dumb" questions - just wondering if anyone has experience good or bad with a similar situation.

Fortunately I'm in the Great State of Texas - looking forward to info. </div></div>

1. same state, i dont see the point. multiple states, then you can have multiple trusts. you just cant have the trusts named the same in the same state. this is for KS and MO law. speak to a lawyer to verify this for your state.

2. no. why complicate things? just use the same trust and save the money. they dont get "full".

3. yes. thats one of the awesome benefits of the trust. make sure they are legally able to possess it and have them carry a copy of the stamp and the trust. just in case.

4. ABSOLUTELY NOT. Follow the transfer process as you would. it would transfer from you to a dealer, then dealer to them. i would in no way tie myself to someone with an NFA item.

again, speak to the attorney who made your trust. these could all be state specific items.

 

[TexasGunTrustLawyer]

Re: Multiple Gun Trusts? Legal Experts inside please.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: GT40MkI</div><div class="ubbcode-body">1.) Is it legal/possible/sensible to have more than one Revocable living trust?</div></div>

It is legal to have as many trusts as you desire. The question is why have multiple trusts? If there is a good reason, then go for it.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">2.) My original RLT is getting pretty full, and I'm about to buy a couple more suppressors and send off for an SBR or two. Would it make sense to break these out into a separate RLT? </div></div>
Why do you say its getting full? There is no limit to the number of items that can go in a trust.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">3.) <span style="font-weight: bold">Legally</span> - if my brother is co-trustee or beneficiary of the living trust could he hold/keep/use the items without me being there?</div></div>
A trustee may use the items owned by the trust

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">4.) I was also told (and highly doubt) that if I wanted to sell and transfer an item on it's own trust it was as easy as adding the buyer to the existing trust and having it notarized as it is a living document.... </div></div>
I do not like the idea of doing this. The trust is not a corporation. This also may be viewed as the creation of a new trust by the BATFE. Adding someone as a trustee to your trust gives that person a lot of legal rights to act in the name of your trust and bind your trust in contract. There are a number of legal implications, both civil and criminal to what you are describing.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Thanks in advance and sorry if these seem like "dumb" questions - just wondering if anyone has experience good or bad with a similar situation. </div></div>

Not a problem. Better to ask.

 

[TexasGunTrustLawyer]

Re: Multiple Gun Trusts? Legal Experts inside please.

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