Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel

Site Notices
Posted: 2/10/2015 11:58:21 PM EDT
Have my trust set up as me being the Settlor as well as a trustee.  I have my Girfriend as a Co-Trustee so that she can use my NFA items. I have my mother listed as the successor trustee and Beneficiary.

My questions is, upon my death, if I haven't already Ejected and removed my GF as a Co-trustee, would she be the one possessing the NFA items of the trust or would my mother be able to transfer them to herself (beneficiary).

I know this has to do with how the trust is worded and it is a 199 trust document fyi. They said its G2G but I want to make sure.

Also, Only the Co-trustee needs to be available at the time the trust is executed and notarized correct?

Thanks in advance.
Link Posted: 2/11/2015 12:23:12 AM EDT
[#1]
Depends on specific wording of trust and state law. No one can answer your question based upon the facts presented.
Link Posted: 2/11/2015 12:58:55 AM EDT
[#2]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Depends on specific wording of trust and state law. No one can answer your question based upon the facts presented.
View Quote



Figured as much. I think after reading the trust over I've answered my own questions.

Thanks
Link Posted: 2/12/2015 11:10:35 PM EDT
[#3]
Quoted:
Have my trust set up as me being the Settlor as well as a trustee.  I have my Girfriend as a Co-Trustee so that she can use my NFA items. I have my mother listed as the successor trustee and Beneficiary.

My questions is, upon my death, if I haven't already Ejected and removed my GF as a Co-trustee, would she be the one possessing the NFA items of the trust or would my mother be able to transfer them to herself (beneficiary).

I know this has to do with how the trust is worded and it is a 199 trust document fyi. They said its G2G but I want to make sure.

Also, Only the Co-trustee needs to be available at the time the trust is executed and notarized correct?

Thanks in advance.
View Quote


"They" ain't your lawyer.



You need to talk to a CO licensed lawyer.
Link Posted: 2/12/2015 11:57:14 PM EDT
[#4]
In theory, when the Grantor is deceased, a Living Trust becomes set in stone and the Trust and it's assets would be passed to the beneficiary, regardless of what other Trustee's are alive. Trustees "jobs" are to maintain and hold the Trusts assets for the benefit of the beneficiary.  Assuming of course that the Trust is set up in such a way and not something wierd where Trustees maintain the assets until a specified date or something along those lines that bypasses turning the reins over to the named beneficiary, such as minor who cannot legally take possession of NFA items as juveniles.
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
Top Top