Can I Add A Buddy ?

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BulletFactory
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Can I Add A Buddy ?

Post by BulletFactory » Fri May 04, 2018 1:29 am

Can I add a friend of mine to my trust so he is allowed to borrow a can or babysit my sbr? If so, how is this done?

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smustian
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Re: Can I Add A Buddy ?

Post by smustian » Fri May 04, 2018 1:40 am

You can add his name to Schedule A (?) or whichever it is with your trust.

hardcase
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Re: Can I Add A Buddy ?

Post by hardcase » Fri May 04, 2018 7:49 am

Yes. I am no expert on the legalities but before Trump the previous administration said they were closing a loophole. Now your buddy needs to submit fingerprint cards to ATF to get put on your Trust. Legislation was called "41F".

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smustian
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Re: Can I Add A Buddy ?

Post by smustian » Fri May 04, 2018 11:25 am

hardcase wrote:Yes. I am no expert on the legalities but before Trump the previous administration said they were closing a loophole. Now your buddy needs to submit fingerprint cards to ATF to get put on your Trust. Legislation was called "41F".
You sure about that? Once added, photo and fingerprint cards would only be required for the purchase of a new stamp but I do not think it applies to any item already on the trust.

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Re: Can I Add A Buddy ?

Post by cdakers » Fri May 04, 2018 12:15 pm

hardcase wrote:Yes. I am no expert on the legalities but before Trump the previous administration said they were closing a loophole. Now your buddy needs to submit fingerprint cards to ATF to get put on your Trust. Legislation was called "41F".
Not true. You can add as many as you want to the trust at any time. If you submit a new form they would be required to submit photo/prints. The loophole still exists if you know how to work it.

BulletFactory
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Re: Can I Add A Buddy ?

Post by BulletFactory » Fri May 04, 2018 4:36 pm

Dose he gain any legal rights apart from legal posession?

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Dolomite_Supafly
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Re: Can I Add A Buddy ?

Post by Dolomite_Supafly » Fri May 04, 2018 5:10 pm

BulletFactory wrote:Dose he gain any legal rights apart from legal posession?
Same legal rights as you so he can sell items.

I am not sure but he might be able to remove you from the trust as well.

I was told by my attorney that anyone who is s trustee can do the same things I can including selling items out of the trust as well as add or remove trustees.
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BulletFactory
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Re: Can I Add A Buddy ?

Post by BulletFactory » Fri May 04, 2018 6:43 pm

Wow. Ok thanks. He will just have to get his own trust set up if he wants to buy a can.

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plant.one
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Re: Can I Add A Buddy ?

Post by plant.one » Fri May 04, 2018 11:30 pm

that will depend on your trust language.


in my trust only trustee's can add and dispose of trust property (buy and sell) as well as possess.

beneficiary's are only allowed to be in posession of trust property.


i can add beneficiary's who are not trustee's, but all trustee's in my trust are also beneficiary's.
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Re: Can I Add A Buddy ?

Post by hardcase » Sat May 05, 2018 7:18 am

cdakers wrote:
hardcase wrote:Yes. I am no expert on the legalities but before Trump the previous administration said they were closing a loophole. Now your buddy needs to submit fingerprint cards to ATF to get put on your Trust. Legislation was called "41F".
Not true. You can add as many as you want to the trust at any time. If you submit a new form they would be required to submit photo/prints. The loophole still exists if you know how to work it.
Opps,my mistake. I have not bought any cans or SBRs since 41F.

Correct me if I am wrong. Those on my trust are good to go until such time as I add another NFA item to that trust. I as head trustee I can remove beneficiaries and add beneficiaries. Adding a new NFA item to that trust means the whole lot has to do prints and photos.

Why couldn't I just get a new trust with only me on it or have multiple trusts? Reasons are for estate purposes, not trying to usurp the intent of the law.

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