NFA trustee situations

[Jackam]

As I understand it, an NFA trust lists a trustee, a co-trustee, successor trustee, and a beneficiary.

1. If I am a trustee and my wife is a trustee, can there be more trustees?

2. How difficult is it to add a co-trustee in a few years when he turns 21?

3. All trustees have the same legal use to the NFA item - correct?

4. If I'm able to have four trustees eventually, is there a need for a successor trustee? (I imagine the trust can be modified someday way down the road if a successor is needed.)

5. Can a NFA trust own more than one NFA item?

My company provides this legal service for me but I'm going with Shyster.... It's amazing how frustrating it is trying to explain the the laws to the company attorneys!

Thanks for any input.

[HK USP]

As I understand it, an NFA trust lists a trustee, a co-trustee, successor trustee, and a beneficiary.

1. If I am a trustee and my wife is a trustee, can there be more trustees?

2. How difficult is it to add a co-trustee in a few years when he turns 21?

3. All trustees have the same legal use to the NFA item - correct?

4. If I'm able to have four trustees eventually, is there a need for a successor trustee? (I imagine the trust can be modified someday way down the road if a successor is needed.)

5. Can a NFA trust own more than one NFA item?

My company provides this legal service for me but I'm going with Shyster.... It's amazing how frustrating it is trying to explain the the laws to the company attorneys!

Thanks for any input.
I'm no lawyer nor do I play one on TV but Shyster just helped me set up mine and I had most of the same questions....
1. yes

2. not sure but you may need to refile or maybe you could just have them as the sucessor.

3. yes

4. yes or it will be invalid.

5. yes

[Shyster]

As I understand it, an NFA trust lists a trustee, a co-trustee, successor trustee, and a beneficiary.

1. If I am a trustee and my wife is a trustee, can there be more trustees?

2. How difficult is it to add a co-trustee in a few years when he turns 21?

3. All trustees have the same legal use to the NFA item - correct?

4. If I'm able to have four trustees eventually, is there a need for a successor trustee? (I imagine the trust can be modified someday way down the road if a successor is needed.)

5. Can a NFA trust own more than one NFA item?


My company provides this legal service for me but I'm going with Shyster.... It's amazing how frustrating it is trying to explain the the laws to the company attorneys!

Thanks for any input.


I'm no lawyer nor do I play one on TV but Shyster just helped me set up mine and I had most of the same questions....
1. yes

2. not sure but you may need to refile or maybe you could just have them as the sucessor.

3. yes

4. yes or it will be invalid.

5. yes

Adding a trustee later on will require an amendment to the Trust. Not a big deal.

You don't ABSOLUTELY have to have a successor trustee but it is certainly beneficial to keep the trust active. If it REALLY comes down to in you can have two people--Trustee and Residual Beneficiary. Other than that I have nothing further to add.

[HK USP]

Residual Beneficiary... Thats what I was trying to think of, thanks for the help too sent it in today and now the wait......

[Shyster]

Residual Beneficiary... Thats what I was trying to think of, thanks for the help too sent it in today and now the wait......
:thumbup: :salute: :thumbup:

[Wild-Child-_-]

Shyster just helped me set up mine

Not to be nosey and I realize everybody is different but can you give us a ballpark cost for a trust?

[Roundballer]

Not to be nosey and I realize everybody is different but can you give us a ballpark cost for a trust?
Click on the "click here" in Shyster's sig line, just above your post.

[Foxhole 49]

Shyster has posted here that he does an NFA trust for $400, or $350 for MGO members.

Dan