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Think trusts are the answer, prepare to get scrutinized.

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Rob Androyna:
At worst this means the form 4's done with the trust will take a little longer to get approved. As long as your trust is a valid trust there will be no issues. You always have the option to register the trust, but is is not required in our state.

Register A Living Trust
Some states require living trust registration, and you need to be aware of which states have a requirement, as well as how thoroughly they enforce this rule.


Some people have asked if it is necessary to register a living trust with some government agency. As you know, one of the reasons for preparing a Living Trust is to maintain your privacy. Your living trust never needs to become a matter of public record. (The only document you may want to record is a deed that transfers real estate to the trust.)

Some states, however, require that the trustee of a trust register the trust with the local probate court. But there are no legal consequences or penalties if you don't which, in effect, means this is an optional requirement.

When you register a living trust, it doesn't give the court any power over the administration of the trust, unless there is a dispute. For example, if after your death, a beneficiary wants to object to the way your successor trustee distributed the trust property. But if you don't register your living trust, the result is the same: the court still has jurisdiction if a disgruntled relative or creditor files suit. (The only exception is that if a court demands that a trustee register a trust, and the trustee refuses, the trustee can be removed.)

To register a revocable living trust, you don't have to put the whole trust document on file. You only need to file a statement with some information about who the trustee is, etc. The statement must be filed with the court where the trustee resides or keeps the trust records. The statement should include at least the following:

1.The name(s) of the grantor(s);

2.The name(s) of the original trustee(s);

3.An acknowledgment of the trusteeship (that is, a written acceptance by the trustees of their role); and

4.The date of the trust document.

A trust can be registered in only one state at a time. The states that provide for registration of Living Trusts are:

?Alaska

?Colorado (registration of a revocable living trust is not required until the grantor's death and no registration required if all trust property is distributed to the beneficiaries then).

?Florida (not mandatory)

?Hawaii

?Idaho

?Maine

?Michigan

?Nebraska (not mandatory)

?New Mexico

?North Dakota

A-FIXER:
Thank you Rob, for answering my private message to you and clearing up this. Well gang, it is quick answers from people and members of the NFOA such as Rob to keep this type of info straight for us and knowing we can depend on him for all of our class 3 purchases and questions.    MERRY CHRISTMAS

Burnsy87:

--- Quote from: bkoenig on December 18, 2010, 12:44:57 PM ---Interesting timing since I just sent in my first Form 1 this morning.....

--- End quote ---

Yep, just sent my Form 1 back to Rob today.  We'll see what our results are, eh?

David Hineline:
Why would someone doing a form 1 with themselves as the maker run the forms through a NFA dealer?

Rob Androyna:

--- Quote from: David Hineline on December 24, 2010, 11:29:44 PM ---Why would someone doing a form 1 with themselves as the maker run the forms through a NFA dealer?

--- End quote ---
Because they just want the piece of mind that the forms have all been done correctly. It's just a basic service that Exeter Arms offers it's customers.

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