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Spectre31337
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Posted: 4/23/2011 8:14:04 AM
[Last Edit: 4/23/2011 8:18:55 AM by Spectre31337]
I apologize in advance if this question has already been ask (I did a search here and on Google before posting). Everyone credits adding "Authorized" users to a trust as an added benefit of using one as opposed to buying NFA items in your own person. The trust I was to have drawn up by a lawyer ,however I paused at his responce when I ask about "Authorized" users. He said they had to be a trustee. Now I would like to add 2 people to the trust but don’t want them to be able to sell the items in it which they would be able to if they were a trustee. Does anyone have any thoughts or perhaps a lawyer better versed with NFA in AZ?
opengun
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Posted: 4/23/2011 7:46:47 PM
The only way I know of to authorized users is to make them trustee's. I had my lawyer write up a trust amendment to add my father, this way he could be in possession of the items when i wasn't around and take the boys shooting. I would only add someone as a trustee if you really trust them.
RickFinsta
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Posted: 4/23/2011 11:03:53 PM
The whole purpose of a trust is... trust. If you wouldn't make them a trustee, then they shouldn't be using the trust assets. My attorney explained to me that a judge (at least here in WI) would not really appreciate a trust being used in the manner you describe. You either think someone is responsible enough to be a trustee, or you don't. It's a binary function, and shouldn't be circumvented. IANAL, etc.
Please dont take it personally, the ad hominem is simply my favorite fallacy...
Mtnvalley3
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Posted: 4/24/2011 1:56:36 AM
Reading my trust and the intake form the atty had me fill out prior to creating the trust, it appears that beneficiaries can use the items while I'm alive, but cannot make any transfer/buy/sell decisions. I dunno if this helps, but it may be an option to discuss with your counsel.
bigcbass
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Posted: 4/24/2011 8:18:38 PM
[Last Edit: 4/24/2011 8:19:55 PM by bigcbass]
You can just add them as trustees by amending your trust. Then you can place a limit on their powers to buy and sell trust assets in the amendment.
Christopher Bass
Law Office of Christopher Bass
Dallas, Texas
214-596-8314

Texans, ask about my $300 NFA trusts for AR15 members!
hellbound
Pack LaRue FH / Tennessee Squire
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Posted: 4/24/2011 8:21:59 PM
Originally Posted By bigcbass:
You can just add them as trustees by amending your trust. Then you can place a limit on their powers to buy and sell trust assets.


This is how my trust is worded. There is also some wording about the use and depreciation of assets.
And I looked, and behold a pale horse and his name that sat on him was Death, and Hell[bound] followed with him.
Spectre31337
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Posted: 4/26/2011 9:21:36 AM
Originally Posted By bigcbass:
You can just add them as trustees by amending your trust. Then you can place a limit on their powers to buy and sell trust assets in the amendment.


I think that this is the way I want to go. Limiting what trustees can and can't do sounds very prudent to me I will ask the lawyer next week what I can do to affect the rights to sell or transfer.

As to those who don’t think a trust should be used this way. I have a range buddy who put his brother on his trust only to have him "sell" a very nice rifle out of the trust into his own name.
Scorched1
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Posted: 4/27/2011 11:02:48 AM
Originally Posted By bigcbass:
You can just add them as trustees by amending your trust. Then you can place a limit on their powers to buy and sell trust assets in the amendment.


you beat me to it.

that is what i would do