Armory Sponsor
Posted: 4/27/2009 8:07:01 PM EDT
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I just finished a trust using WillMaker 2009 and have a couple of questions before I print it out and get it notarized.
First question is in reference to the trust name. From what I have read the trust name can be anything I want Such as: Reds NFA Trust Is this true or do I have to use my name in some form or another as the trust name? Second Question is in reference to the Successor Trustees I listed. As Successor Trustees is it legal for them to possess any NFA item belonging to the trust even if I’m still alive? Thanks in advance for the help. |
| JAD is correct on both counts. The naming, although not usually controlled by statute, can be controlled by statute. Secondly, a successor trustee does not have the power to possess because his/her power only comes into being once the trustee dies. Moreover, and you should be aware, while a trustee has a right to possess, the trustee does NOT have the right to use the weapon in a Quicken/Legal Zoom...etc trust. If the trustee does use it, he/she will breach a duty to the beneficiary and be liable. |
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Thanks. WillMaker did not give me the option to make them co-trustees for some reason. Guess I'll have to look into it a little more.
I know I can do a joint Trust with my wife, but I would prefer to have her as a trustee only instead of a Grantor/Trustee. I would also like to be able to have my brother as a trustee. |
| Technically (yes, the law isn't always pretty), the trustee would owe a debt to the beneficiary, so yes, John the Trustee/Beneficiary would owe a debt to John the Trustee/Beneficiary. So, it isn't likely to ever show up cause a court would throw it out for being frivolous. However, more likely is where there are 2 trustees and one trustee is also a beneficiary. There, the beneficiary *could* go after the other trustee. This is really why people need competent legal advice. No one wants to see anyone in our community harmed and through ignorance, it can happen. |
Armory Sponsor