I jumped on board with the $69 NFA Trust deal in GD and with limited internet at work I was wondering if anyone could tell me if Virginia has any odd NFA Trust rules or laws about funding the trust or anything like that. Also, once the trust is notarized is it then legal/official or does the trust have to be submitted the BATFE or what? Thanks in advance.

Not a lawyer...

The trust must be funded to be valid..

Once notorized and funded, it is all set.  No filing at the court or submitted to any agency

Mine just says its funded with $10.  I asked if I had to keep a physical ten dollar bill with the paperwork and the lawyer said no.  

you have to submit a copy of your notarized trust to the atf along with your form 4 or form 1

This! It does not need to be submitted.UNTIL you submit the paperwork for a class 3 item.At that time you would submit it with the paper work & $200.00 for your item.

 

Alright cool, thanks for the replies! Arizona has some weird laws about how the trust must be funded and some other whacky stuff. Va keeps it simple I guess. I plan on a few form 1's as soon as I get my paperwork and get the signatures/notarized. I'm just going to put a $10 bill's serial on my Schedule A and run with it and keep that bill in my safe.

fwiw my lawyer did not include any cash serial numbers on my schedule, although he did advise me to retain a $10 bill with the original documents

he listed one round of ammunition on schedule as physical asset in addition to the money, and also instructed me to retain it with the originals

Mine did they same, he had me list a round of .22LR. Well, I guess that is the same as $10 after all

Haha, I just may do the same.

 

Mine has one round of .45 acp.  Had to submit two copies of my trust paperwork with the two copies of the Form 4 (suppressors).

I just got the paperwork today I have heard people say they'd rather have a lawyer draw the trust up or that they don't trust these online fill in the blank creators. Is there any real difference other than you don't get any type of legal assistance with the trust? The biggest thing I've seen is people worrying about the execution of the trust if the settlor dies. You'd need a lawyer anyway to execute your will so what's the difference? Assumming you're not stupid with NFA items and only your listed trustees ever have possession of the items, what could potentially go wrong?

well any lawyer is going to use a boilerplate document just like the fill in the blank deals, the only difference is how well it's written

as long as your trust contains language that invalidates trustees and/or beneficiaries in the event it becomes illegal for them to posses the items and has a clear distribution procedure outlined, you have nothing to worry about

as to the part in red: when the settlor dies, the trust becomes irrevocable and cannot be changed, so it better be correct - any lawyer involved in the process at that time is going to be constrained by the language contained therein no matter how good they are

ETA: you could always just rock out the one you have now, and possibly get a lawyer to review/amend it later when you're older. not like you're gonna kick off anytime soon

I certainly hope not