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No "one person" named in a trust "owns" the property assigned to the trust... all trustees have equal rights to property in the trust as I understand it... perhaps someone can correct me. Like already pointed out... there is a lot more information listed in the trust other than "SMITH" vs. an item with "SMITH TRUST" engraved on it.
My trust is simply my last name followed by the word TRUST... "C**** TRUST" it's short. sweet, and looks good on the item when engraved.
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Shame the dumb question but why would the vast majority of people use "last name trust" when they set up a trust? I understand for the easy recognizablility if stopped by a LEO. But isn't a reason for a trust so the government doesn't know exactly who owns the item or am I using too much tin foil for my hat?
No...
Your name is on the trust, they know who has what.
The reason for a trust is to avoid the CLEO requirement and so that multiple people can possess the items in the trust.
Well they dont really know who "owns" what on the trust, correct? They will know what is listed on it and who the people are that can legally have it in their possession.
No "one person" named in a trust "owns" the property assigned to the trust... all trustees have equal rights to property in the trust as I understand it... perhaps someone can correct me. Like already pointed out... there is a lot more information listed in the trust other than "SMITH" vs. an item with "SMITH TRUST" engraved on it.
My trust is simply my last name followed by the word TRUST... "C**** TRUST" it's short. sweet, and looks good on the item when engraved.
You are correct. All trustees have the same ability in regards to trust property, such as selling property, buying new, etc. The grantor, who is also a trustee, has the unique ability to change or terminate the trust.
The trust owns itself. It is a legal entity with the ability to own property. When you buy a suppressor on a trust, you don't own that suppressor, the trust does. This is why you need to keep a copy of the trust with the Form 4 when you're in possession of the item.