NFALawyers Initial Review of 41P

[Duce4trey]

"In your trust" as s beneficiary, right?
Kids can't be trustees.
Only Trustees can possess and transport the NFA items.

Yes only Trustees can possess and transport NFA items but minors can be listed as Trustees. Minors must wait until they are of legal age to possess NFA items. This does not prevent you from listing minors as trustees and beneficiaries. I had this talk with Dean last week when he was creating my trust.

I am not sure if this is specific to how Dean writes his trusts, the same way that his trust states that only the Settlor can purchase NFA items and not the co-trustees. Co-trustees can only possess.

 

[Lazarus]

Yes only Trustees can possess and transport NFA items but minors can be listed as Trustees. Minors must wait until they are of legal age to possess NFA items. This does not prevent you from listing minors as trustees and beneficiaries. I had this talk with Dean last week when he was creating my trust.

I am not sure if this is specific to how Dean writes his trusts, the same way that his trust states that only the Settlor can purchase NFA items and not the co-trustees. Co-trustees can only possess.

Yes but isn't it still unclear who needs to submit prints and pics? Only stands to reason that if co-trustees can possess they too will need to submit docs when adding to the trust.

 

[Duce4trey]

Yes it is unclear. I was only stating that minors can be trustees.

I would assume that if a minor is listed as a trustee that they would not need to get printed and photoed since they cannot legally possess.

 

[spencer60]

So if I have a trust already, can I have the terms amended to change (reduce) the number of trustees...assuming those will be the 'responsible persons'?

Will this invalidate the trust, or can I just submit the 'updated' trust with my next items?

 

[Duce4trey]

Currently there are no restrictions in place to add/ remove trustees from your trust.
You can fill out an amendment form to change who is listed as a trustee.

I know Dean included one of these with my trust.

The amended trust is valid and that is what you would submit with your next item.

Not sure what will happen with add/ remove trustees after 41F.

 

[heavyd]

Currently there are no restrictions in place to add/ remove trustees from your trust.
You can fill out an amendment form to change who is listed as a trustee.

I know Dean included one of these with my trust.

The amended trust is valid and that is what you would submit with your next item.

Not sure what will happen with add/ remove trustees after 41F.

You got it! One of my most knowledgeable clients.