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Member
1. Successor Trustees, Alternate Trustees: They do not meet the definition of responsible person as they have to current powers
Beneficiary: generally will not meet the definition of responsible person. They do not meet the definition of responsible person as they have to current powers. It also depends on how the trust is written
Member
as long as you do not submit forms after july 13Originally Posted by bzdog
Senior Member
Straight from the Instructions on the Draft copy of the new F4:
(4) Documentation of entity existence:
(a) If the transferee is other than an individual, the transferee must attach documentation evidencing the existence and validity of the entity, which includes complete and unredacted copies of partnership agreements, articles of incorporation, corporate registration, declarations of trust with any trust schedules, attachments, exhibits, and enclosures.
(b) If the transferee entity has had an application approved as a maker or transferee within the preceding 24 months of the date of filing this application, and there has been no change to the documentation evidencing the existence and validity of the entity previously provided, the entity may provide a certification that the information has not been changed since the prior approval and shall identify the application for which the documentation had been submitted by form number, serial number, and date approved.
Simply means you get to save the paper and ink required to print a new copy of your trust, as long as you've had an approved form within the previous 24 months...and you certify that document hasn't undergone any changes. It's not much of a "win" in the big picture.
Last edited by BigWaylon; 06-08-16 at 20:38.
Member
"Depends" in that the beneficiery is only defined in terms of their later receipt of the property and whether they receive mgmt powers with it?
In my case, the Successor Trustee would also be the Beneficiary, but I'd like to define him as a Limited Trustee until my death or incapacity.
I'd have two other people who would be strictly Limited Trustees only able to possess.
I assume this would allow all three to possess while I'm the only RP and person required to submit pics/prints/forms/notification.
Site Sponsor
Thanks for the explanation. I guess I'm still a bit confused though as far as what it impacts or what difference it makes.
So what happens if it has changed in the last two years, as in an added trustee and/ or beneficiary?
Banned
Personally i think i'm gonna wait a while after 13 July before I even think about any more NFA items. I want to see how things really shake out when the rubber hits the road. Course with 5 suppressors and 3 SBRs I'm probably done till I'm ready to dive into FA or DDs....
Member
If anything in the trust has changed besides the addition of items to the Schedule A, or if it's been more than 2 years since the last submission of the trust to the ATF, you have to resubmit the trust for review.
Site Sponsor
So that would be for anything filed after July 13?
Hypothetically speaking, if I added a beneficiary or trustee today, what would I need to do to file in the future?
Senior Member
You'll need to submit the current version of your trust at least once.
Member
Whenever you file a form, you submit the current version of the trust.
If you add a beneficiary today, and submit a form tomorrow, you would submit latest version of the trust.
If no changes have been made in the last 2 years, and you submitted the form after July 13th, then according to the atf's interpretation of its ruling, you would not have to submit a copy of the trust
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Last edited by SC-Texas; 06-08-16 at 21:29.
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