Posted: 5/16/2020 12:46:24 PM EDT
[#1]
Quoted: I want to add a beneficiary to my trust. As far as I know, there is no paperwork to be done other than to name that person and an item to go to them on the beneficiary assignment page. Is this correct and any and all other paperwork would be the ATF forms for them to actually take possession.
I also want to ADD another “Co-trustee”, which by definition of my trust is NOT CONSIDERED A RESPONSIBLE PARTY but could they be in possession without me being present?
I will be asking these questions to the person who wrote my trust as well but I wanted to see if this is correct and/if there is a better way of wording it. View Quote Adding or changing a beneficiary could probably be done with just an amendment to the trust (depending on how it is worded). Normally it is just a single page stating that you, acting on behalf of the trust, are designating this person as the beneficiary. As for the second thing, someone who could be in possession on behalf of the trust and without you being present is considered a responsible party per the ATF. It doesn't matter what your trust calls them. Responsible Person. In the case of an unlicensed entity, including any trust, partnership, association, company (including any Limited Liability Company (LLC)), or corporation, any individual who possesses, directly or indirectly, the power or authority to direct the management and policies of the trust or entity to receive, possess, ship, transport, deliver, transfer or otherwise dispose of a firearm for, or on behalf of, the trust or legal entity. View Quote Tust: Those persons with the power or authority to direct the management and policies of the trust includes any person who has the capability to exercise such power and possesses, directly or indirectly, the power or authority under any trust instrument, or under State law, to receive, possess, ship, transport, deliver, transfer, or otherwise dispose of a firearm for, or on behalf of the trust. Examples of who may be considered a responsible person include settlors/grantors, trustees, partners, members, officers, directors, board members, or owners. An example of who may be excluded from this definition of responsible person is the beneficiary of a trust, if the beneficiary does not have the capability to exercise the enumerated powers or authorities View Quote
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