Trust question-Schedule A, assignment of property forms and inventory form

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  • Jdmarshall

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    Jan 27, 2013
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    Magnolia TX
    I’ve had some time to refine my queries and they primarily revolve around property assignment and management.

    -Does this Schedule “A” need to be updated when subsequent Items are added to the trust or can it remain with just the original $10 funding? This document needs to be signed by all trustees and is part of the .PDF trust so updating will be a burden each time.
    -Do I need to complete and maintain a copy of an Assignment of Property document each time I add an item to the Inventory Form?
    -What is the difference between the Assignment of Property form, Inventory Form and Schedule A? I’m not real clear how to use and maintain the Assignment of Property section.
     

    jiannichan

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    Dec 26, 2008
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    Little Elm/Frisco
    From what I have read, the Schedule A does not need to be constantly updated with new items. It can just hold the original "funded" things. I believe you use the assignment of property and an inventory form for everything you have under that trust. I sent an email to the guy who did my trust to ask him and verify what I just told you.
     

    locke_n_load

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    Apr 9, 2013
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    Houston, TX
    From what I have read, the Schedule A does not need to be constantly updated with new items. It can just hold the original "funded" things. I believe you use the assignment of property and an inventory form for everything you have under that trust. I sent an email to the guy who did my trust to ask him and verify what I just told you.

    I believe that you can just update the inventory form, but some guys at a class 3 dealer said that I needed to update my schedule A, so I just update that (ATF knows what I have anyways). I have it scanned in digitally, so I just overwrite the date with the current one, add said item, and all the signatures are still there.
     

    Vernix

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    Nov 23, 2011
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    Once was Mexico.
    I just, an hour ago, filed my first eform for another SBR.

    Since I knew I'd have to attach my trust documents I updated the Schedule A.

    I still wonder if it's a requirement, a recommendation or simply a prudent thing to do.

    V
     
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