DIY NFA Trust

[sgtbilco]

I just called NFA Branch and spoke with one of their investigators who said there are "no issues/problems" with people sending in their own self made trusts as long as it is a legitmate legal document in the state in which it was created.
If you doubt call them yourself, the NFA Branch number is listed on the ATF website.

 

[Kingjamez]

How might an individual know whether or not his self made document is legitimate and legal in the state? I don't think there has ever been a question on who can write it, the question is how legal is the document and does it have the correct bases covered.

 

[Inigoes]

How might an individual know whether or not his self made document is legitimate and legal in the state? I don't think there has ever been a question on who can write it, the question is how legal is the document and does it have the correct bases covered.

In Maryland it only has to be notarized.

If the correct bases are not covered, th dealer or the ATF will let you know in a hurry. Most often the dealer is helpful in providing guidance.

I have a DIY, and it's worked on everything I bought so far.

 

[boatbod]

How might an individual know whether or not his self made document is legitimate and legal in the state? I don't think there has ever been a question on who can write it, the question is how legal is the document and does it have the correct bases covered.

It's all here, including a basic trust template in section 14-407.
http://www.michie.com/maryland/lpex...p&iid=55a15e3f.4cd90aa9.0.0&nid=7963#JD_ett14

 

[terp]

It's all here, including a basic trust template in section 14-407.
http://www.michie.com/maryland/lpex...p&iid=55a15e3f.4cd90aa9.0.0&nid=7963#JD_ett14

I've done a lot of reading on this subject and have seen the above reference pop up a couple of times, but I'm pretty sure you DO NOT want to use this template for an NFA trust. This sets up a trust under the Maryland Discretionary Trust Act (Title 14 Subsection 4). It looks like this act governs a very specific type of trust. Trusts under this act do not seem appropriate for NFA Trust use.

Trusts under this act seem to allow only a single beneficiary. This isn't the distribution most people want. I personally want my trust set up such that short of my every living relative being wiped out the trust will always have well-defined beneficiaries.

Also the BIG clue for me that this is the wrong type of trust is 14-406a1 http://www.michie.com/maryland/lpext.dll/mdcode/298ed/10196/10985/109f4/10a0e?f=templates&fn=document-frame.htm&2.0#JD_et14-406 . Trusts under this act do not survive the beneficiary's death. This could create a problem if the beneficiary dies before the grantor.

There are other ways to create trusts in MD.

After reading up on the legal issues, I'm 95% certain I could create a perfectly legal trust; however, the potential consequences of a mistake that is not noticed until after NFA items are transferred to the trust have convinced me to hire a lawyer.

Standard disclaimers apply: I am not a lawyer. This is not legal advice.

 

[boatbod]

I've done a lot of reading on this subject and have seen the above reference pop up a couple of times, but I'm pretty sure you DO NOT want to use this template for an NFA trust. This sets up a trust under the Maryland Discretionary Trust Act (Title 14 Subsection 4). It looks like this act governs a very specific type of trust. Trusts under this act do not seem appropriate for NFA Trust use.

Trusts under this act seem to allow only a single beneficiary. This isn't the distribution most people want. I personally want my trust set up such that short of my every living relative being wiped out the trust will always have well-defined beneficiaries.

Also the BIG clue for me that this is the wrong type of trust is 14-406a1 http://www.michie.com/maryland/lpext.dll/mdcode/298ed/10196/10985/109f4/10a0e?f=templates&fn=document-frame.htm&2.0#JD_et14-406 . Trusts under this act do not survive the beneficiary's death. This could create a problem if the beneficiary dies before the grantor.

There are other ways to create trusts in MD.

After reading up on the legal issues, I'm 95% certain I could create a perfectly legal trust; however, the potential consequences of a mistake that is not noticed until after NFA items are transferred to the trust have convinced me to hire a lawyer.

Standard disclaimers apply: I am not a lawyer. This is not legal advice.

Right, it's just a template not a complete packaged NFA trust, but it does give you the basics. A Quicken trust doesn't have any NFA language either, but both are simple enough to modify the distribution section to deal with some of the issue such as what happens if the beneficiary isn't legally allowed to own NFA items.

If all of this sounds too difficult, pay your $$ and go visit a trust lawyer.

 

[BrandonThibeault]

Let me know if it works. I have heard horror stories of quicken trusts and stuff. Keep me posted.

 

[Cerebus]

Let me know if it works. I have heard horror stories of quicken trusts and stuff. Keep me posted.

Horror stories? Really? I'm not sure I've ever read/heard of someone getting denied because they used a trust created from Quicken.

 

[<Mach1]

In the end a legally notarized trust is a trust in whichever state it exists, if written correctly. Who writes it is incidental.
The only important factor is having the knowledge to get it correct. That knowledge can either be bought or learned, depending on what works.

Regardless of which way one might go with a trust.. If your going to do something, do it well or leave it for someone else who does.

 

[boatbod]

Let me know if it works. I have heard horror stories of quicken trusts and stuff. Keep me posted.

Mine has worked twice now. No trouble either time.

 

[csanc123]

Curious. From who? Evidence?

Let me know if it works. I have heard horror stories of quicken trusts and stuff. Keep me posted.

 

[Cerebus]

Mine has worked twice now. No trouble either time.

Ditto. I just had two suppressors approved, both on a trust created via Quicken.

 

[sgtbilco]

Cerebus,
Was it easy or did you know what you were doing?

 

[Markp]

Let me know if it works. I have heard horror stories of quicken trusts and stuff. Keep me posted.

My quicken trust was no problem with my SBR... Of course, in two years my wife will be a lawyer and I will let her deal with it.

Mark

 

[2SAM22]

The thing with the Quicken trust is you're on your own if circumstances occur where it's tested. It worked for me for the first few times but then I began to wonder and had it restated by an attorney. Lawyer By The Bay. Relatively inexpensive for the peace of mind IMHO.

 

[normbal]

The thing with the Quicken trust is you're on your own if circumstances occur where it's tested. It worked for me for the first few times but then I began to wonder and had it restated by an attorney. Lawyer By The Bay. Relatively inexpensive for the peace of mind IMHO.

Relative to?

So about how much for a basic NFA trust?

 

[Norton]

Relative to?

So about how much for a basic NFA trust?

Holly charges $400.00.

 

[Inigoes]

The thing with the Quicken trust is you're on your own if circumstances occur where it's tested. It worked for me for the first few times but then I began to wonder and had it restated by an attorney. Lawyer By The Bay. Relatively inexpensive for the peace of mind IMHO.

If the DYI trust was not legal proper, the BATFE would not have approved you to begin with...

 

[normbal]

Holly charges $400.00.

Thanks.

 

[2SAM22]

If the DYI trust was not legal proper, the BATFE would not have approved you to begin with...

Trust laws vary by State. Do you mean they look at each trust according to each State's laws?
I'd be surprised if that were the case.
I know people who had pretty obvious mistakes in their trusts that were approved by ATF.