Trust with multiple people, all in different states?

[Reagans Rascals]

How do trusts work as far as having multiple people involved?

If you create a trust with another person, is their address required in addition to yours? And if so, how does it work if they live in a separate state?

I have a friend in the Navy living in VA Beach, with whom I am thinking of going halves on a trust and then splitting the cost of suppressors and such, I myself currently live in Virginia as well, however how would this work if he were to get new orders to another state? Or if I were to move?

It is my understanding that I would create the trust with my own name, and then list him as a trustee so he could be in possession of the NFA items in the trust, if this is the case, is he capable of purchasing and selling items as the trustee or does it need my approval?

Can we both be listed as the proprietor of the trust? And if so, who's address is the principal on the trust?

I am thinking it may be better to go with an LLC type of setup as opposed to the trust in this instance... am I correct?

[KalashniKEV]

How do trusts work as far as having multiple people involved?

If you create a trust with another person,

Huh???

Grantor of Trust = You(?)
Trustee = Person(?)



I have a friend in the Navy living in VA Beach, with whom I am thinking of going halves on a trust and then splitting the cost of suppressors and such...

In addition to this sounding like a bad idea (in concept), Quicken WillMaker Premium 2010 costs less than $8.



I myself currently live in Virginia as well, however how would this work if he were to get new orders to another state? Or if I were to move?

However you want to work it.


It is my understanding that I would create the trust with my own name, and then list him as a trustee so he could be in possession of the NFA items in the trust, if this is the case, is he capable of purchasing and selling items as the trustee or does it need my approval?

Yes to all of the above... if it's your trust. He manages the assets held in trust in the interest of the Grantor.

He can also sell yo' shit if he thinks it's "in your interest," and there is no protection against bad decisions.


Can we both be listed as the proprietor of the trust? And if so, who's address is the principal on the trust?

I think they have to legalize gay marriage first.

:)



I am thinking it may be better to go with an LLC type of setup as opposed to the trust in this instance... am I correct?

LLC has it's own complexities, and it doesn't sound like you're the kind of guy who would be into all that.

In VA, you would have to file a "Form 1040 Schedule C, Profit or Loss from Business" annually for $0.

IMO: You should each pony up $4 and make your own trusts.

[sandsunsurf]

IMO: You should each pony up $4 and make your own trusts.

That defies the whole point of having a trust with other people in it, which is what it sounds like the OP wants to do.

I have a trust with a friend for some NFA items, and the beauty is that we can both possess the items. And I can leave an SBR at home, and my girlfriend (in the trust) can then bring that rifle out to the desert when I'm already out there camping.

I'm not a lawyer or ATF agent, but the trust doesn't have everybody's addresses, so I don't the the state of each co-trustee's residence matters. If the items are moved to another state with a trustee, then file the ATF for for that (5320.20?), just like if you were traveling for a week or moving yourself.

The best answer: Don't use quicken, talk to an attorney in your state that's handled NFA trusts and have him/her draw up the trust and answer your questions. Then you'll know for sure. Maybe there can even be provisions in the trust for just such am occurrence.