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Posted: 5/10/2010 9:12:22 AM EDT
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Here is my situation: Formed a revocable living trust in Nevada a few years ago, with both my wife and myself as executors. We divorced a year ago and I left the trust as is, so that in the event something happens to me, those items would automatically transfer to her for our daughters' future inheritance.Â
  I want to start an SBR project and build using the trust. The only potential catch is that I no longer live at the residence listed on the trust. My ex-wife still does (we are still friends and have no issues over possessions,fwiw) and because the trust is still active, I dont see any reason I cant move forward with this project. I have tried to cover every angle before I start this up, I just figured I would solicit thoughts from you guys on this before I fire up the paperwork and send out a check.   |
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If your trust has language in it allowing for Amendments, Amend the Trust with your new address, find a person to be a Survivor Trustee and remove your wife as Co-Trustee.
I'm not a lawyer, but base this on my understanding of Trusts from my own experience with my NFA trust. |
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personally, i would draft a separate trust for your NFA items. Start it at the address you currently reside in, and check with a lawyer to see if you can add your daughter as the successor trustee or some language that would ensure that in the case of your death your daughter would be the beneficiary of the trust (assuming she currently isn't old enough to own a firearm)...
leave the pre-divorce trust alone as I would assume that when the divorce went through, those assets were already seen by both parties. if you start a new trust, these assets have nothing to do with your ex-wife, and she should not have any access to them whatsoever... i know you say you're friends still, but all it takes is you to start dating her friend or something else stupid for her to unleash her womanly wrath upon you... |
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I am perfectly happy with the way it works now, I just want to make sure Im not in violation of some aspect of the law.
The trust still exists as a legal entity at the original address, and while I control the items in it, I am happy to leave her on it to ease legal transfer. The only thing in the trust is a pair of NFA items. And as far as making her angry, I doubt thats gonna happen. Our circumstances are pretty unique and I dont imagine she is gonna get bent since I moved to Vegas and started seeing an dancer/pole dance instructor/playboy cybermodel/exgf and now currently have a gf thats about my daughter's age and runs a shooting range clubhouse. |
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amend the trust to reflect the new address.
I would highly recommend removing an ex spouse from the trust but that is your call. you can still leave the items to your daughter w/o the x being on it. this is non legal advice from someone who doesn't use a trust! |
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Assuming you are the settlor or grantor you can simply do an amendment,
It would be as simple as: "Amendment to the John Smith Trust I John Smith as settlor for the John Smith Trust do hereby make the amendements to the John Smith Trust effective immediately: 1) The address of the John Smith Trust shall henceforth be 123 Main St.; New York, NY 10000 2) Jane Smith is hereby removed as a trustee of the John Smith Trust 5/12/2010 /s/ John Smith /s/" Some states require notarization, some don't |
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Quoted:
The way mine is set up is without an address. I was told by my lawyer that a trust is for the persons names on the trust not a physical address. When you initially start one you don't have to put in an address but if you have one in it you probably should change it just to keep everything current. |
| I dont have a address on mine either and the above post are right all you have to do is add an amendment and get it notarized (depending on your state). It would take a whole 10 minutes to do. Mine is set up where I can only make changes and control the assets unless something like death a felony arrest or some other matter that make it impossible to do then my parents take over those duties. It will later be amended for my wife and children in the future when I get married and have children. |
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