af_tt
05-19-11, 13:42
People seem to ask to see trusts to answer questions etc. so I found this. Maybe it will help maybe not... It is what it is. And I am no lawyer.
Your states document may vary this is for Maryland.
Be advised use this at your own discretion!
Sample NFA Trust
[Your Name]/Address of Trust
[Your Name]Revocable Living Trust
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Declaration of Trust
Your Name, grantor, declares that he has transferred and delivered to the trust all his interest in the property described in Schedule A attached to this Declaration of Trust and included by reference.
All property is hereby the "trust property." The trustee, [Your Name], hereby acknowledges receipt of the trust property and agrees to hold said property in accordance with this Declaration of Trust.
The grantor may add property to the trust by adding said property to Schedule A, attached, and included by reference, thereby any additions become property of the [Your Name] Revocable Living Trust.
This Declaration of Trust may from time to time and as the need arises, be amended only by the grantor, [Your Name].
I Amendment and Revocation
A. Amendment or Revocation by Grantor
The grantor may amend or revoke this trust at any time, without notifying any beneficiary. An amendment must be made in writing, signed and notarized by the grantor.
B. No Amendment or Revocation by Other Person
The power to revoke or amend this trust is personal to the grantor, [Your Name]. No conservator, guardian or other person(s) shall exercise it on behalf of the grantor, unless grantor expressly grants power to revoke or amend this trust in writing or by Power of Attorney specifically naming the trust.
C. Payments From Trust During Grantor's Lifetime
The trustee shall, at his sole discretion, pay to or use for the benefit of the grantor and or beneficiaries, as much of any net income and principal of the trust property as he deems reasonable.
II Trustees
[Your Name] shall be the Trustee.
A. Trustee's Responsibilities
[Your Name] (hereinafter “trustee”) shall serve as trustee and has sole and absolute discretion, pursuant to the laws of the State of Maryland and the United States of America.
B. Terminology
The term "trustee" includes successor trustees or alternate successor trustees serving as trustee of this trust. The singular "trustee" also includes the plural where applicable.
C. Successor Trustee
Each successor trustee has full, independent and absolute discretion in acting for and representing the trust.
Upon the death or incapacity of [Your Name], the trustee shall be my wife [Spouse Name].
If [Spouse Name] is unable or unwilling to serve as successor trustee, my children [Child’s Name] and [Child’s Name] shall serve as co-trustees.
In the event [Child’s Name] or [Child’s Name], are not 21 years of age, [Custodian/Alternate Trustee] shall serve as trustee.
In the event of death or incapacity of both [Your Name] and [Spouse Name], my daughter, [Child’s Name], shall become the sole trustee upon reaching the age of twenty-one (21).
Upon reaching the age of twenty-one (21) [Child’s Name], both [Child’s Name] and [Child’s Name] shall serve as co-trustees.
D. Resignation of Trustee
Any trustee in office may resign at any time by signing a notice of resignation, which shall be effective when delivered to the person whom is named as a successor trustee or appointed by the trustee under § II C.
E. Power to Appoint Successor Trustee
If no one named in this Declaration of Trust as a successor trustee or alternate successor trustee is willing or able to serve as trustee, the last acting trustee may appoint a successor trustee. The appointment must be made in writing, signed by the trustee and notarized.
F. Bond
No bond shall be required for any trustee named in this Declaration of Trust.
G. Compensation
No trustee shall receive any compensation for serving as trustee.
H. Liability of Trustee
With respect to the exercise or non-exercise of discretionary powers granted by this Declaration of Trust, the trustee shall not be liable for actions taken in good faith. Such actions shall be binding on all persons interested in the trust property.
III Trustee's Management Powers and Duties
A. Powers Under State Law
The trustee shall have all authority and powers allowed or conferred on a trustee under Maryland law, subject to the trustee's fiduciary duty to the grantors and the beneficiaries.
B. Specified Powers
The trustee's powers are discretionary. They include, but are not limited to:
1. The power to sell trust property, to borrow money and to encumber trust property, including trust real estate, by mortgage, deed of trust or other method.
2. The power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease (even if the lease term may extend beyond the period of any trust) or grant options to lease the property, to make repairs or alterations and to insure against loss.
3. The power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, debentures and any other form of security or security account, at public or private sale for cash or on credit.
4. The power to invest trust property in every kind of property and every kind of investment, including but not limited to bonds, debentures, notes, mortgages, stock options, futures and stocks, but expressly excludes buying on margin.
5. The power to receive additional property from any source and add it to any trust created by this Declaration of Trust.
6. The power to employ and pay reasonable fees to accountants, lawyers or investment experts for information or advice relating to the trust.
7. The power to deposit and hold trust funds in both interest-bearing and non-interest bearing accounts.
8. The power to deposit funds in bank or other accounts, insured by the FDIC.
9. The power to enter into electronic fund transfers or safe deposit arrangements with financial institutions.
10. The power to institute or defend legal actions concerning this trust or the grantor's affairs.
11. The power to execute any documents necessary to administer any trust created by this Declaration of Trust.
12. The power to diversify investments, including authority to decide that some or all of the trust property need not produce income.
C. Incapacity of Grantor
1. If the grantor becomes physically or mentally incapacitated, whether or not a court has declared the grantor incompetent or in need of a conservator or guardian, the successor trustee named in § II C shall be trustee.
D. Method of Determination
1. The determination of the grantor's physical capacity to manage this trust shall be made by no less than two (2) licensed physicians if a successor trustee requests their opinion.
2. The determination of the grantor's psychological capacity this trust shall be made by no less than two (2) licensed psychiatrists if a successor trustee requests their opinion.
3. In that event, the trustee shall manage the trust property and shall use any amount of trust income or trust property necessary for the grantor's proper health care, support, maintenance, comfort and welfare, in accordance with the grantor's accustomed manner of living.
4. Any income not spent for the benefit of the grantor shall be accumulated and added to the trust property. Income shall be paid to the grantor at least annually.
5. Income accruing in or paid to trust accounts shall be deemed to have been paid to the grantor.
6. The successor trustee shall manage the trust until the grantor is again able to manage his affairs. The determination of the grantor's capacity to again manage this trust shall be made in the manner specified just above.
E. Death of a Grantor
1. When the grantor dies, this trust shall become irrevocable. It may not be amended or altered except as provided for by this Declaration of Trust. It may be terminated only by the distributions authorized by this Declaration of Trust.
F. Beneficiaries
1. Upon death of the grantor, the trustee shall distribute the trust property as follows:
2. All interest shall pass to [Spouse Name].
3. In the event that [Spouse Name] is incapacitated or deceased, [Child’s Name] and [Child’s Name], shall divide all trust property per stirpes.
4. All distributions are subject to any provision in this Declaration of Trust that creates a child's subtrust or a custodianship under the Uniform Transfers to Minors Act.
5. A beneficiary must survive the grantor for 7 days to receive property under this Declaration of Trust. All personal and real property left through this trust shall pass subject to any encumbrances or liens placed on the property as security for the repayment of a loan or debt.
IV. Custodianships Under the Uniform Transfers to Minors Act
Any property to which any minor beneficiary is entitled, shall be held by a custodian under the Maryland Uniform Transfers to Minors Act.
The custodial chain shall be the same as the chain of Trustees in § II C
(Successor Trustee).
V. Grantor's Right to Homestead Tax Exemption
If the grantor's principal residence is held in trust, the grantor has the right to possess and occupy it for life, rent-free and without charge except for taxes, insurance, maintenance and related costs and expenses. This right is intended to give the grantor a beneficial interest in the property and to ensure that the grantor does not lose eligibility for a state homestead tax exemption for which he otherwise qualifies.
VI. Severability of Clauses
If any provision of this Declaration of Trust is ruled unenforceable, the remaining provisions shall have their full force and effect.
Certification of Grantor
I certify that I have read this Declaration of Trust and that it correctly states the terms and conditions under which the trust property is to be held, managed and disposed of by the trustee, and I approve the Declaration of Trust.
_____________________________________Dated: ______________
Your name, Grantor and Trustee
CERTIFICATE OF ACKNOWLEDGMENT OF NOTARY PUBLIC
(State of Maryland)
County of Baltimore)
On ___________________________, _______________________ before me, _____________________, a notary public in and for said state, personally appeared [Your Name], proved on the basis of satisfactory evidence (drivers License and Social Security Administration Identification) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
WITNESS my hand and official seal.
Notary Public for the State of Maryland
My commission expires:
____/___/______
[Your Name] Revocable Living Trust
SCHEDULE A
Assignment of Property
I, [Your Name], as Grantor of the [Your Name] Revocable Living Trust, dated ____/____/______, hereby assign and transfer all of my rights, title and interest in the following property:
1. NFA Item Description (TAC 65 Silencer/Suppressor) & Serial # XXXX
To [Your Name], as trustee of the Name [Your Name] Revocable Living Trust
dated ____/____/2009,
Executed at ____|____|____, on ____/____/2009.
___________________________________________
[Your Name], Grantor and Trustee
Your states document may vary this is for Maryland.
Be advised use this at your own discretion!
Sample NFA Trust
[Your Name]/Address of Trust
[Your Name]Revocable Living Trust
)
)
)
)
)
)
)
)
)
)
)
)
)
)
Declaration of Trust
Your Name, grantor, declares that he has transferred and delivered to the trust all his interest in the property described in Schedule A attached to this Declaration of Trust and included by reference.
All property is hereby the "trust property." The trustee, [Your Name], hereby acknowledges receipt of the trust property and agrees to hold said property in accordance with this Declaration of Trust.
The grantor may add property to the trust by adding said property to Schedule A, attached, and included by reference, thereby any additions become property of the [Your Name] Revocable Living Trust.
This Declaration of Trust may from time to time and as the need arises, be amended only by the grantor, [Your Name].
I Amendment and Revocation
A. Amendment or Revocation by Grantor
The grantor may amend or revoke this trust at any time, without notifying any beneficiary. An amendment must be made in writing, signed and notarized by the grantor.
B. No Amendment or Revocation by Other Person
The power to revoke or amend this trust is personal to the grantor, [Your Name]. No conservator, guardian or other person(s) shall exercise it on behalf of the grantor, unless grantor expressly grants power to revoke or amend this trust in writing or by Power of Attorney specifically naming the trust.
C. Payments From Trust During Grantor's Lifetime
The trustee shall, at his sole discretion, pay to or use for the benefit of the grantor and or beneficiaries, as much of any net income and principal of the trust property as he deems reasonable.
II Trustees
[Your Name] shall be the Trustee.
A. Trustee's Responsibilities
[Your Name] (hereinafter “trustee”) shall serve as trustee and has sole and absolute discretion, pursuant to the laws of the State of Maryland and the United States of America.
B. Terminology
The term "trustee" includes successor trustees or alternate successor trustees serving as trustee of this trust. The singular "trustee" also includes the plural where applicable.
C. Successor Trustee
Each successor trustee has full, independent and absolute discretion in acting for and representing the trust.
Upon the death or incapacity of [Your Name], the trustee shall be my wife [Spouse Name].
If [Spouse Name] is unable or unwilling to serve as successor trustee, my children [Child’s Name] and [Child’s Name] shall serve as co-trustees.
In the event [Child’s Name] or [Child’s Name], are not 21 years of age, [Custodian/Alternate Trustee] shall serve as trustee.
In the event of death or incapacity of both [Your Name] and [Spouse Name], my daughter, [Child’s Name], shall become the sole trustee upon reaching the age of twenty-one (21).
Upon reaching the age of twenty-one (21) [Child’s Name], both [Child’s Name] and [Child’s Name] shall serve as co-trustees.
D. Resignation of Trustee
Any trustee in office may resign at any time by signing a notice of resignation, which shall be effective when delivered to the person whom is named as a successor trustee or appointed by the trustee under § II C.
E. Power to Appoint Successor Trustee
If no one named in this Declaration of Trust as a successor trustee or alternate successor trustee is willing or able to serve as trustee, the last acting trustee may appoint a successor trustee. The appointment must be made in writing, signed by the trustee and notarized.
F. Bond
No bond shall be required for any trustee named in this Declaration of Trust.
G. Compensation
No trustee shall receive any compensation for serving as trustee.
H. Liability of Trustee
With respect to the exercise or non-exercise of discretionary powers granted by this Declaration of Trust, the trustee shall not be liable for actions taken in good faith. Such actions shall be binding on all persons interested in the trust property.
III Trustee's Management Powers and Duties
A. Powers Under State Law
The trustee shall have all authority and powers allowed or conferred on a trustee under Maryland law, subject to the trustee's fiduciary duty to the grantors and the beneficiaries.
B. Specified Powers
The trustee's powers are discretionary. They include, but are not limited to:
1. The power to sell trust property, to borrow money and to encumber trust property, including trust real estate, by mortgage, deed of trust or other method.
2. The power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease (even if the lease term may extend beyond the period of any trust) or grant options to lease the property, to make repairs or alterations and to insure against loss.
3. The power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, debentures and any other form of security or security account, at public or private sale for cash or on credit.
4. The power to invest trust property in every kind of property and every kind of investment, including but not limited to bonds, debentures, notes, mortgages, stock options, futures and stocks, but expressly excludes buying on margin.
5. The power to receive additional property from any source and add it to any trust created by this Declaration of Trust.
6. The power to employ and pay reasonable fees to accountants, lawyers or investment experts for information or advice relating to the trust.
7. The power to deposit and hold trust funds in both interest-bearing and non-interest bearing accounts.
8. The power to deposit funds in bank or other accounts, insured by the FDIC.
9. The power to enter into electronic fund transfers or safe deposit arrangements with financial institutions.
10. The power to institute or defend legal actions concerning this trust or the grantor's affairs.
11. The power to execute any documents necessary to administer any trust created by this Declaration of Trust.
12. The power to diversify investments, including authority to decide that some or all of the trust property need not produce income.
C. Incapacity of Grantor
1. If the grantor becomes physically or mentally incapacitated, whether or not a court has declared the grantor incompetent or in need of a conservator or guardian, the successor trustee named in § II C shall be trustee.
D. Method of Determination
1. The determination of the grantor's physical capacity to manage this trust shall be made by no less than two (2) licensed physicians if a successor trustee requests their opinion.
2. The determination of the grantor's psychological capacity this trust shall be made by no less than two (2) licensed psychiatrists if a successor trustee requests their opinion.
3. In that event, the trustee shall manage the trust property and shall use any amount of trust income or trust property necessary for the grantor's proper health care, support, maintenance, comfort and welfare, in accordance with the grantor's accustomed manner of living.
4. Any income not spent for the benefit of the grantor shall be accumulated and added to the trust property. Income shall be paid to the grantor at least annually.
5. Income accruing in or paid to trust accounts shall be deemed to have been paid to the grantor.
6. The successor trustee shall manage the trust until the grantor is again able to manage his affairs. The determination of the grantor's capacity to again manage this trust shall be made in the manner specified just above.
E. Death of a Grantor
1. When the grantor dies, this trust shall become irrevocable. It may not be amended or altered except as provided for by this Declaration of Trust. It may be terminated only by the distributions authorized by this Declaration of Trust.
F. Beneficiaries
1. Upon death of the grantor, the trustee shall distribute the trust property as follows:
2. All interest shall pass to [Spouse Name].
3. In the event that [Spouse Name] is incapacitated or deceased, [Child’s Name] and [Child’s Name], shall divide all trust property per stirpes.
4. All distributions are subject to any provision in this Declaration of Trust that creates a child's subtrust or a custodianship under the Uniform Transfers to Minors Act.
5. A beneficiary must survive the grantor for 7 days to receive property under this Declaration of Trust. All personal and real property left through this trust shall pass subject to any encumbrances or liens placed on the property as security for the repayment of a loan or debt.
IV. Custodianships Under the Uniform Transfers to Minors Act
Any property to which any minor beneficiary is entitled, shall be held by a custodian under the Maryland Uniform Transfers to Minors Act.
The custodial chain shall be the same as the chain of Trustees in § II C
(Successor Trustee).
V. Grantor's Right to Homestead Tax Exemption
If the grantor's principal residence is held in trust, the grantor has the right to possess and occupy it for life, rent-free and without charge except for taxes, insurance, maintenance and related costs and expenses. This right is intended to give the grantor a beneficial interest in the property and to ensure that the grantor does not lose eligibility for a state homestead tax exemption for which he otherwise qualifies.
VI. Severability of Clauses
If any provision of this Declaration of Trust is ruled unenforceable, the remaining provisions shall have their full force and effect.
Certification of Grantor
I certify that I have read this Declaration of Trust and that it correctly states the terms and conditions under which the trust property is to be held, managed and disposed of by the trustee, and I approve the Declaration of Trust.
_____________________________________Dated: ______________
Your name, Grantor and Trustee
CERTIFICATE OF ACKNOWLEDGMENT OF NOTARY PUBLIC
(State of Maryland)
County of Baltimore)
On ___________________________, _______________________ before me, _____________________, a notary public in and for said state, personally appeared [Your Name], proved on the basis of satisfactory evidence (drivers License and Social Security Administration Identification) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
WITNESS my hand and official seal.
Notary Public for the State of Maryland
My commission expires:
____/___/______
[Your Name] Revocable Living Trust
SCHEDULE A
Assignment of Property
I, [Your Name], as Grantor of the [Your Name] Revocable Living Trust, dated ____/____/______, hereby assign and transfer all of my rights, title and interest in the following property:
1. NFA Item Description (TAC 65 Silencer/Suppressor) & Serial # XXXX
To [Your Name], as trustee of the Name [Your Name] Revocable Living Trust
dated ____/____/2009,
Executed at ____|____|____, on ____/____/2009.
___________________________________________
[Your Name], Grantor and Trustee