lost trust


PDA






tdf88
November 27, 2012, 08:55 PM
I have friend that had relative die a few weeks ago and left her a few suppressors and sbr But his trust is nowhere to be found can you request a copy from the atf or is there any other way to do the transfer

If you enjoyed reading about "lost trust" here in TheHighRoad.org archive, you'll LOVE our community. Come join TheHighRoad.org today for the full version!
TurtlePhish
November 27, 2012, 09:06 PM
You don't HAVE to have a trust to own NFA items. He probably didn't have one, in which case the NFA items go to an heir tax-free through ATF.

Also, ATF has absolutely nothing to do with trusts. They're entirely a private thing.

Jim K
November 27, 2012, 09:23 PM
NFA items don't "go to an heir through ATF" Check the BATFE web site for the rules involving NFA items owned by a decedent. The whole thing is pretty clear.

As to a trust, the rules of the trust should provide for dispostion of trust property if one or more members die. BATFE does not define a trust or set rules for its operation.

Jim

TurtlePhish
November 28, 2012, 03:58 PM
NFA items don't "go to an heir through ATF" Check the BATFE web site for the rules involving NFA items owned by a decedent. The whole thing is pretty clear.


They do go tax-free to a lawful heir, and it's done via ATF Form 5, so I would say they go through ATF and to an heir.

Here's the form, by the way.

http://www.atf.gov/forms/download/atf-f-5320-5.pdf

tdf88
November 28, 2012, 11:31 PM
Thanks for the replies. The reason I'm asking is they both have a trust and were each others beneficiary when he passed she went to their dealer and asked what all had to be done to complete the transfer. They told her that she needed a copy of both trusts. Would she need to have a copy of the trust

medalguy
November 29, 2012, 01:44 AM
Who was his attorney? The attorney may have had a copy of his trust. My attorney has copies of all our documents, living will, MPOA, trusts just in case.

jmorris
November 29, 2012, 10:10 AM
Get a copy of the form 1 or 4 and you can see if it's on a trust or as an individual.

Aaron Baker
November 29, 2012, 05:34 PM
She should contact the attorney who drafted the trusts. That attorney should still have a copy of the trust that he or she drafted for the deceased friend. (They did use an attorney and not Quicken Willmaker, right? I doubt the company that owns Quicken will be much help in this situation.)

Your friend doesn't need to go through a dealer to do this transfer, by the way, as long as they both live(d) in the same state. The trust should specify who the successor trustee is for the deceased's trust. That person will retain control of the suppressors and SBR until the ATF Form 5 is returned.

I've never done a Form 5, but I would imagine that the successor trustee would need a copy of the trust, and if your friend wants to put the NFA items into her trust, she'll need to have a copy of her trust handy to send to the ATF with the Form 5 (just as she would when she bought things on a Form 4 with her own trust).

Your friend is seriously best advised to contact the attorney who drafted the trusts, and use that attorney or another attorney to assist her in completing these transfers lawfully.

Aaron
(who is a lawyer, but isn't your lawyer or your friend's lawyer and isn't providing legal advice)

If you enjoyed reading about "lost trust" here in TheHighRoad.org archive, you'll LOVE our community. Come join TheHighRoad.org today for the full version!