In the May/June American Handgunner there is article about creating Revocable Trusts for guns. The author, a confessed non-attorney, urges the reader to create an "NFA" and/or "gun" Trust if that individual has any significant holdings in either category. In the article, the writer asserts that after creation of a Trust, and the assignment of NFA firearms to the Trust, that any assigned co-trustees can have free, ready and unrestricted access to the NFA items, including the transportation thereof.The writer seems to assert that the possession of an NFA item absent the presence of the registrant is OK, because the the item is "owned" by the Trust.
I see the definition of a "responsible person" under CFR 27(B)479.11 includes persons with the "... power or authority to direct the management and policies of the trust". Its always been my understanding that in a Revocable Trust, only the Grantor (or Settlor) - by definition, the registrant of the NFA item - has the authority to make decisions regarding the Trust, hence the revocable part. Co-Trustees only have the authority to execute the terms of the Trust upon the passing of the Grantor... at which time the assets of the Trust ascend to the beneficiaries (most often the co-Trustee's, but not necessarily), which the writer acknowledges requires an NFA transfer.
Irrespective of the other benefits of a Trust (primarily, no Probate) can co-Trustees really have legal, unfettered access to NFA items just by virtue of the items being owned by the Trust? The author also asserts that the Trust can buy NFA items without signoff from the Chief LEO. Really? My guess is that the author is conflating Revocable Trusts with other Trust types that have more stringent organizational requirements. What say those who are actually attorney's? Thank you for your time.
I see the definition of a "responsible person" under CFR 27(B)479.11 includes persons with the "... power or authority to direct the management and policies of the trust". Its always been my understanding that in a Revocable Trust, only the Grantor (or Settlor) - by definition, the registrant of the NFA item - has the authority to make decisions regarding the Trust, hence the revocable part. Co-Trustees only have the authority to execute the terms of the Trust upon the passing of the Grantor... at which time the assets of the Trust ascend to the beneficiaries (most often the co-Trustee's, but not necessarily), which the writer acknowledges requires an NFA transfer.
Irrespective of the other benefits of a Trust (primarily, no Probate) can co-Trustees really have legal, unfettered access to NFA items just by virtue of the items being owned by the Trust? The author also asserts that the Trust can buy NFA items without signoff from the Chief LEO. Really? My guess is that the author is conflating Revocable Trusts with other Trust types that have more stringent organizational requirements. What say those who are actually attorney's? Thank you for your time.