Armory Sponsor
Posted: 3/6/2011 10:51:59 AM EDT
| When you submit your trust to the ATF with you form 1 or 4, is the Lower of the weapon already listed in the shared property? If not is only 1 dollar listed? As your collection grows and you submit another application for another weapon do you list the previous property? |
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Quoted: When you submit your trust to the ATF with you form 1 or 4, is the Lower of the weapon already listed in the shared property? If not is only 1 dollar listed?As your collection grows and you submit another application for another weapon do you list the previous property? You must keep your trust up-to-date with all NFA items listed. If its not on the schedule or Exhibit which lists trust property than it is not held in trust and can be a problem down the road. As for trust property for the first item I would put a dollar in trust and list it with the serial number of the dollar and keep that specific dollar with the trust documents. Once other property is added you can delete the dollar from the schedules and do away with it. |
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Not true. No legal requirement to list property of the trust. There is a duty of the trustee to account for property of the trust, so by implication or convenience, a schedule of property works for this purpose.
A trust is a contractual obligation whereby the trustee holds property for the beneficiaries in accordance with the trust declaration (the contract). The trustee owns the property in accordance with the trust, not the piece of paper. |
Armory Sponsor