Revocable living trust?

[texretvet]

Myself, my Dad, and my brother are all 3 purchasing cans of different calibers. We want to be able to interchange possession between the 3 of us.

My question involves the trust. Could we set up a trust with one of us as grantor and all three as trustees so that any of us could be in possession of any of the cans? The cans will all 3 be purchased on the very same trust.

 

[Gun Trust Lawyer]

Multiple trustees on a NFA trust

Yes you can do this, you can also set it up with 2 or 3 as grantor's and all as trustees. IF each of you is planning on storing title II firearms at your location, you must also take into consideration whom else will have access to the firearms and include them in the trust appropriately. (like spouses, adult children, friends...)

David Goldman

 

[Texas1911]

Myself, my Dad, and my brother are all 3 purchasing cans of different calibers. We want to be able to interchange possession between the 3 of us.

My question involves the trust. Could we set up a trust with one of us as grantor and all three as trustees so that any of us could be in possession of any of the cans? The cans will all 3 be purchased on the very same trust.

Talk to Sean Cody, he's in Houston and can work out everything for you. He has a pretty fair rate for the NFA trusts, and they are oriented for NFA ownership.

He did Baboon's and he did mine too.

 

[texretvet]

Thanks guys. David, I have spent some time on your website, and glad I did so before doing this. Lots of good info on there.

I do have a lawyer that will be reviewing the Trust documents once I have completed them to ensure that I have a valid trust.

 

[Gun Trust Lawyer]

Creating a valid trust is only one of the issues, most valid trusts instruct a successor trustee to take actions which would violate the law and give them no guidance on how to deal with the firearms.

You should read your trust and see if it deals with real estate. Also most trusts when used for NFA firearms incorrectly deal with - assets held by a guardian or custodian, the uniform transfer to minor act, when the trust ends and if its possible to do a transfer prior to then, how the trust can be amended or ended during your live and what happens if there are NFA firearms in the trust at the time someone ends it, does the trust permit those necessary to have access to do so to protect you from constructive possession.

There are so many problems with traditional trusts and what most claim are NFA trusts that its hard to name them all.

Hope that short list will help you or the lawyer to address the issues.