Armory Sponsor
Posted: 6/22/2009 7:18:42 PM EDT
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I've tried to read through the threads here, and some of the websites that talk about using Trusts for NFA ownership. But I still had a question or two. Maybe I'm being dense, but I'm still pretty new to the game and I'm trying to make sure I am doing things the right way I guess. I had a couple of questions on how to change the property owned by the Trust.
Adding a new item to the Trust; - updated the schedule A to add the new item and print it. - I think I also need to print out a new Assignment of Property and sign it? But I have seen conflicting info on this. - I'm fairly sure I do not need to go through the Notary process on the whole document. For removing property, is it as simple as deleting the item and reprinting the schedule A? Thanks for any help. |
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depends on the state you are in.
Update sch A and print it, no need to notarize. Assignment is needed only for things with a title (car, real estate, etc, NOT NFA) you'll need the trust agreement notarized initially, likely not schA. In some states you may need to have it recorded at a courthouse. To remove an item from a revocable trust, just delete from sch A. not a lawyer, so consider free info worth what you paid for it. |
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Thanks for the feedback.
I guess what has me messed up slightly is according to Quicken, it said to use a Assignment of Property for items that do NOT have title documents. From what I can tell, there is no reason why using a Assignment of Property would be a bad thing... It is not notarized, just signed by the Trustees. So any reason not to do it and just keep the copies with my other papers? Thanks! |
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