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Questions regarding Trust and Class 3 purchase

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  • datboiroy

    Member
    Rating - 0%
    0   0   0
    Feb 2, 2014
    51
    1
    Hey All,

    I have a trust that was done by the late Sean Cody. My last Class 3 purchase was my SBR and Silencer back in 2016 right before they changed the law to submit fingerprints. I have a few questions now since I do want to do a new purchase.

    1. I can still use my trust to make purchases? Looking to purchase a couple silencers and Form 1 2 lowers for SBR's.
    2. If I want to change the beneficiary from my dad to my girlfriend, can I do that or do I need a whole new trust?
    3. If I create a whole new trust, I can't have my current items transferred to it right?

    Thanks.
     

    baboon

    TGT Addict
    Rating - 100%
    4   0   0
    May 6, 2008
    22,447
    96
    Out here by the lake!
    Hey All,

    I have a trust that was done by the late Sean Cody. My last Class 3 purchase was my SBR and Silencer back in 2016 right before they changed the law to submit fingerprints. I have a few questions now since I do want to do a new purchase.

    1. I can still use my trust to make purchases? Looking to purchase a couple silencers and Form 1 2 lowers for SBR's.Yes
    2. If I want to change the beneficiary from my dad to my girlfriend, can I do that or do I need a whole new trust? Hire a lawyer.
    3. If I create a whole new trust, I can't have my current items transferred to it right? You would've to pay the $200.00 transfer tax on each item

    Thanks.
    Just buy as an individual. I have heard trust take longer to process.
     

    lonestardiver

    TGT Addict
    Rating - 100%
    7   0   0
    Dec 12, 2010
    4,615
    96
    Eagle Mountain Lake area
    Hey All,

    I have a trust that was done by the late Sean Cody. My last Class 3 purchase was my SBR and Silencer back in 2016 right before they changed the law to submit fingerprints. I have a few questions now since I do want to do a new purchase.

    1. I can still use my trust to make purchases? Looking to purchase a couple silencers and Form 1 2 lowers for SBR's.

    Yes

    2. If I want to change the beneficiary from my dad to my girlfriend, can I do that or do I need a whole new trust?

    Yes...you can restate the entire trust using the same name and name your new beneficiary. But Sean should have included info on how to make those changes.

    3. If I create a whole new trust, I can't have my current items transferred to it right?
    You can at $200 per item.
    No reason you can’t do a second trust.

    Thanks.

    Look back through your trust documents, there should be info on changing beneficiaries. Should be pretty simple to do. Now everyone who is a trustee or authorized person will need to submit photos and fingerprints on future purchases/additions to the trust.

    I actually have several trusts so that I can more easily specify who gets what or has access to what.
     

    datboiroy

    Member
    Rating - 0%
    0   0   0
    Feb 2, 2014
    51
    1
    Just buy as an individual. I have heard trust take longer to process.

    But if anything happens to me, nobody gets custody of my item?

    Look back through your trust documents, there should be info on changing beneficiaries. Should be pretty simple to do. Now everyone who is a trustee or authorized person will need to submit photos and fingerprints on future purchases/additions to the trust.

    I actually have several trusts so that I can more easily specify who gets what or has access to what.

    I'll check that out, thanks.

    You can still use your old trust. You'll have to submit two copies of it with your Forms along with the photographs and
    fingerprints.

    Don't put your girlfriend as beneficiary until she becomes your wife.

    Of course! We do plan to get married, but yes, I won't do anything until it's official.
     

    Renegade

    SuperOwner
    Rating - 100%
    1   0   0
    Mar 5, 2008
    11,747
    96
    Texas
    Hey All,

    I have a trust that was done by the late Sean Cody. My last Class 3 purchase was my SBR and Silencer back in 2016 right before they changed the law to submit fingerprints. I have a few questions now since I do want to do a new purchase.

    1. I can still use my trust to make purchases? Looking to purchase a couple silencers and Form 1 2 lowers for SBR's.
    2. If I want to change the beneficiary from my dad to my girlfriend, can I do that or do I need a whole new trust?
    3. If I create a whole new trust, I can't have my current items transferred to it right?

    Thanks.

    1) Yes.
    2) You can do that.
    3) You can xfer then, but at $200 per NFA item.
     
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