NFA Trust with Beneficiaries in Two States?

[Deleted member 67409]

I live in RI where all NFA items are banned more or less, so I am very ignorant of NFA trust operation. Here's my question:

There are two people interested in creating a NFA trust. Person A lives in State 1 and Person B lives in State 2. The two want to create a NFA trust in State 1 with both their names on it. No item will leave State 1. Is this possible?

 

[Kevin_NH]

Person A should establish the trust as the Settlor, and do all the paperwork, then after all the stamps are approved, only then add Person B as a Co-trustee. There's no restriction on where a co-trustee resides.

This sort of flexibility is just one reason not to go with one of the cheap "mad libs" computer-generated trusts.

 

[Deleted member 67409]

Person A should establish the trust as the Settlor, and do all the paperwork, then after all the stamps are approved, only then add Person B as a Co-trustee. There's no restriction on where a co-trustee resides.

This sort of flexibility is just one reason not to go with one of the cheap "mad libs" computer-generated trusts.

Got it, crystal clear, thank you!

 

[JRT]

Person A should establish the trust as the Settlor, and do all the paperwork, then after all the stamps are approved, only then add Person B as a Co-trustee. There's no restriction on where a co-trustee resides.

This sort of flexibility is just one reason not to go with one of the cheap "mad libs" computer-generated trusts.

I’m just vouching for @Kevin_NH recommendation of National Gun Trust. I buy a lot of NFA stuff, some in a trust and some individual and they are great.

 

[Asaltweapon]

I have a co-trustee in another state. No issues.

 

[RockMaple]

I live in RI where all NFA items are banned more or less, so I am very ignorant of NFA trust operation. Here's my question:

There are two people interested in creating a NFA trust. Person A lives in State 1 and Person B lives in State 2. The two want to create a NFA trust in State 1 with both their names on it. No item will leave State 1. Is this possible?

Yes, that is fine. But the scenario implies that the two settlors (the people who are setting up the trust) may have conflicting interests. You'll want to discuss this with your gun trust lawyer to avoid complications down the road.