Legal Question about Beneficiary

[jrance@iacwds.com 716]

When the Settlors die, does the Beneficiary transfer the assets of the NFA Trust to a new NFA Trust which names him/her as a Settlor? Or can this be accomplished via an addendum to the original NFA Trust? I don't plan on dying anytime soon; however, I want to have written instructions included with my NFA Trust that will allow any necessary legal items to be handled without doubt/worry by my kids.

 

1911

[termite 463]

IF what I was told is correct when I asked about this, the best thing to do is to amend it to have their names put on the trust, which would also make them owners. when you buy the farm, they just pick it up and go, they then add their kids or whom ever, as long as they are of legal age to own the toys.

[jrance@iacwds.com 716]

Thanks Termite. He is already a Trustee, just not a Settlor. Thanks again.

 

1911

[Yoshi 87]

Hey guys, does anyone know if I can have a beneficiary that lives in a state that doesnt allow NFA weapons so long as he keeps it in a sate that does?

 

Thanx

[MCASgt New River 10,036]

First thing I would do is read the trust code in your state and get familiar with what it says then consult an attorney if need be. I have done my reading and by no means am an attorney, play one on tv or pratice law of any sort however I have amended my original many times and have had several stamps approved after to fact. Do your dd or pay your money but best wishs in whatever is the final product.