Anyone here know if beneficiaries of a Firearm Trust are required to do the fingerprints, photos, etc...?
-
ODT Gun Show & Swap Meet - May 4, 2024! - Click here for info
Beneficiaries?
- Thread starter Lightsped
- Start date
Do your “beneficiaries“ have a current ability to process the firearm without being in the presence of a Trustee?
Can your beneficiaries dictate or control what happens to the firearm, to transfer it, trade it, sell it, etc?
If not, then I say NO, they are not the responsible parties in the Trust.
Can your beneficiaries dictate or control what happens to the firearm, to transfer it, trade it, sell it, etc?
If not, then I say NO, they are not the responsible parties in the Trust.
The only mention of other persons on my trust is stated
"The beneficiary shall be 'Me, of my address'. If the beneficiary, 'me' should die, or be legally incapable of obtaining or receiving any benefit from this Trust, then the secondary beneficiaries of this Trust shall be as follows in such order: 'other person', 'other person', or 'other person'."
No where else on the trust is anyone else mentioned.
"The beneficiary shall be 'Me, of my address'. If the beneficiary, 'me' should die, or be legally incapable of obtaining or receiving any benefit from this Trust, then the secondary beneficiaries of this Trust shall be as follows in such order: 'other person', 'other person', or 'other person'."
No where else on the trust is anyone else mentioned.
SO who is the Trustee?
Are you the Granter or Settlor, too?
This is a revocable trust, right?
Are you the Granter or Settlor, too?
This is a revocable trust, right?
It sounds like you don’t even have a valid Trust at all.
You can’t fill all 3 roles.
But maybe that contingency plan for secondary beneficiaries will save it, and the first other person on your list should be considered the beneficiary.
So, we’re back to the question of WHEN your beneficiary will take.
When shall the trust distribute its corpus (its assets) to the beneficiary(ies)?
What does it say about that?
You can’t fill all 3 roles.
But maybe that contingency plan for secondary beneficiaries will save it, and the first other person on your list should be considered the beneficiary.
So, we’re back to the question of WHEN your beneficiary will take.
When shall the trust distribute its corpus (its assets) to the beneficiary(ies)?
What does it say about that?
My trust was created by Nate Cochran from GeorgiaNFA.com . He seems to think that I shouldn't have any problems with the way the trust is currently setup. I am the Settler, Grantor, and Trustee. The trust is Revocable. The beneficiaries take over when I die.
@N Cochran
Nate himself would know more about his trusts and how they are written than Dean or I could. However, all responsible parties on a trust must be fingerprinted and identified. Nate did my trust a long time ago and I haven't used it since the law has changed.
This is an email Nate sent me recently. I am just trying to make sure everything is correct before submitting a Form 1 or Form 4.
David,
Beneficiaries only have to get fingerprinted if they are deemed as "responsible persons" under Rule 41F. Responsible persons are those people who may possess the item and who can exercise control or direct the policies of the trust. By removing everyone as trustees you have removed the chance that they would be considered "responsible persons" under Rule 41F. Therefore, they would not be required to get fingerprints. However, this does not mean the BATF will not question this. I have seen them misinterpret the rule before. However, they get it right when challenged. That being said, legally your beneficiaries do not need fingerprints at this time given the way your trust is now structured.
Nate
David,
Beneficiaries only have to get fingerprinted if they are deemed as "responsible persons" under Rule 41F. Responsible persons are those people who may possess the item and who can exercise control or direct the policies of the trust. By removing everyone as trustees you have removed the chance that they would be considered "responsible persons" under Rule 41F. Therefore, they would not be required to get fingerprints. However, this does not mean the BATF will not question this. I have seen them misinterpret the rule before. However, they get it right when challenged. That being said, legally your beneficiaries do not need fingerprints at this time given the way your trust is now structured.
Nate
