A question recently came up that I did not know the answer to. Can a beneficiary of a Trust be in possession of the NFA item(s)?
Upon searching, the most obvious answer I got was 'it depends on your Trust language' so I looked at mine and it did not see anything that references it at all. Of course State laws can all be different but is there a general consensus on this?
If the answer is no, could one name the beneficiary as a Trustee? (it sounds like it would contradict the point of having a Trust but in the case of NFA it really doesn't).
Upon searching, the most obvious answer I got was 'it depends on your Trust language' so I looked at mine and it did not see anything that references it at all. Of course State laws can all be different but is there a general consensus on this?
If the answer is no, could one name the beneficiary as a Trustee? (it sounds like it would contradict the point of having a Trust but in the case of NFA it really doesn't).