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Question about parties to an NFA trust

Discussion in 'NFA Items and Discussion' started by ochmude, Jul 16, 2015.

  1. ochmude

    ochmude Marine Veteran

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    I've been considering setting up a trust for NFA purposes ever since I moved out from behind the iron curtain of MA. I'm getting ready to pull the trigger, but what I'm trying to figure out is who people choose to fill the various rolls of the trust when they don't have a lot of family to pick from. From looking at the various "create your own" trust services online, it appears that you need three parties at a minimum: the settlor/initial trustee, a successor trustee, and a beneficiary. All the forms I've seen seem to list those three fields as mandatory. Co-trustees are always listed as optional, which makes sense. I would be the settlor, obviously. I would like my wife to be a co-trustee considering she has access to the safe. And I would like my infant daughter to be a beneficiary. Can my wife simultaneously be a co-trustee and a successor trustee, or do I need to come up with another name to fill that roll? Should I berate my parents for never providing me with siblings therefore denying me a supply of trustworthy successor trustees?
     

  2. JCV

    JCV

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    IANAL and this NFA stuff is all new to me. BUT I just set one up last week and one of my co-trustee's is also my successor trustee.

    EDIT: I used this quick fill in the blank form. If you hover your cursor over the boxes, it explains everything to you and DOES in fact say a co-trustee can be a successor trustee.
    https://guntrust.wufoo.com/forms/nfa-gun-trust-form/
     
    2 people like this.
  3. RDG

    RDG

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    thanks for posting that link. I've been checking out RockMaples new online trust webpage http://nfapro.com/ and had questions that your link answered.

    Now just need to decide if I really want a trust.
     
  4. RockMaple

    RockMaple NES Member

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    Having your wife as a trustee and the successor trustee is a little redundant, but if you can't think of anyone else to serve in that role it is fine. The reason I say it is redundant is that the successor trustee only steps into that role if all other trustees die or become unable to serve.


     
    Last edited: Jan 9, 2017
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  5. Boghog1

    Boghog1

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    Now after reading this I am wondering if I should not have put my wife down as co-trustee
     
  6. RockMaple

    RockMaple NES Member

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    Why are you concerned? If you used NFAPRO.COM and you haven't yet submitted your application, send me a PM.
     
  7. dcmdon

    dcmdon NES Member

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    Its not hard to add a trustee to a trust.
     

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