Individual to Trust Transfer

[Erick]

I am thinking about transferring a suppressor from individual to a trust so I can let a few friends use the can without me. I figured if they would chip in for the stamp, why not?

A friend has a trust set up. Is there any reason I couldn't copy it and edit the trust with my info?

 

[Hump66]

How good of a friend is it? My Trust is for immediate family only.

 

[Erick]

Pretty good, I would hunt with all of them. Maybe 5-7 people.

 

[Hump66]

My only issue would be that once you transfer it to your friends trust, you no longer own it until you could transfer it back, which can't be done without the trustees approval. I personally wouldn't do it. If the 5-7 of them kick in a couple hundred each, they can get a can for the trust without much out of pocket.

 

[Honeybee]

He was asking if he could copy the trust but with his info, and yes you can do that.

 

[Erick]

Yea, I would create a separate trust. Basically doing a trust instead of individual, after the fact.

Thanks Honeybee.

 

[mr ed]

sounds like a potential for disaster. maybe everything will go smooth. Even though its a trust I'd think you would still be held accountable for their actions as executor of the trust.

 

[Hump66]

Yea, I would create a separate trust. Basically doing a trust instead of individual, after the fact.

Thanks Honeybee.

Gotcha, sorry I misunderstood. I would only create a trust if you're going to be purchasing more NFA items, but I wouldn't transfer the one, just seems like a waste of money to me. I did my first one as individual, then all subsequent items have been on the trust. I don't feel there is any real advantage to transferring the one to the others.

 

[Erick]

The main aspect of the plan is to have these few individuals chip in and pay for the stamp. It's no benefit to me either way, but id like for a few friends to be able and take one or two out in case I'm not able to go.

 

[Erick]

I've got the trust written and nearly ready.

When I turn in each form, do I need to enclose a copy of the trust? What info is needed on trustees?