Thread: Revocable Living Trust

Originally Posted by Stomper

Sent you a copy of the orignal/editable trust in Word.doc format.

Thanks! It's up again. Actually, it isn't a Word doc, it's an .rtf (rich text format) doc which is good because people don't have to have Word. Windows or Mac can open it natively, or Word will open it.

Ahh... that 'splains it. I ASSumed it was a Word.doc because I apparently have .rtf files associated to Word as the main proggy for opening them... BTW- I sent off my Form-1 (package) using this template, the worst that can happen is they'll kick it back (along with my $200) and say, "try again".... LOL!

I started a thread that I'll update as info is made available. I know they received it, from the USPS delivery confirmation... waiting for the check to show "cleared" on my electronic account ledger.

Originally Posted by Stomper

I apparently have .rtf files associated to Word

Word does that by default when you install it. Good luck with your app and keep us posted!

Originally Posted by Gunner3456

If you don't have Word, Wordpad is in program files in the accessories folder. Start> Programs> Accessories > Wordpad.

If you don't have Word, get the free Open Office from OpenOffice.org - The Free and Open Productivity Suite

Gunner you are the best. Now the dumb questions.



When it is just me, do I name myself as trustor and trustee?

Like this:

Known As: Adams NFA Trust
I.
Agreement made and executed this 28th day of November, 2001, by and between John T Adams,
Herein after referred to as the Settlor, and John T Adams
Herein after referred to as the Trustee.

On page 4, I should be both settler and trustee?

On page 5:
WITNESSES
The foregoing instrument, consisting of eight pages, including this page, was signed in our presence by John T Adams, Settlor and John T Adams, Trustee.

On Page 6:
On November 28th, 2001, before me, John T Adams, personally appeared, as Settlor,
John T Adams, as Trustee,

I think the rest is pretty clear.

VS Quicken Willmaker.


The Quicken/willmaker s/w is confusing because it only want to name the trust John T Adams (inserts name) Trust. I want it to specifically say it is an NFA trust so it doesn't get confused with other trusts I may start.

This is different/better than the Living Trust Maker software because it actually says it is an NFA trust and reading through it with a pure layman's eye looks 'better'. The s/w also forces you to list at least one item in the trust that I do not have yet (an SS Sparrow if the gods will allow it and Coctailer is willing!). The Quicken/willmaker version is confusing because it only wants to name the trust John T Adams (inserts name) Trust. It doesn't want the name of the trust to be anything different than my full name and the words living trust afterward.

I also get all my mail at a PO Box and I heard the ATF doesn't like that, so I guess on any ATF papers I should list my physical address. Damn - my mailman here would give Beavis a run for his money in the reliability dept.

Originally Posted by PDXSparky

If you don't have Word, get the free Open Office from OpenOffice.org - The Free and Open Productivity Suite

That's great if you have enough computer with enough ram, etc. to accept another heavy program. If all you want to do is edit this file, it isn't necessary.

Originally Posted by Noisycow

Gunner you are the best. Now the dumb questions.



When it is just me, do I name myself as trustor and trustee?

Like this:

Known As: Adams NFA Trust
I.
Agreement made and executed this 28th day of November, 2001, by and between John T Adams,
Herein after referred to as the Settlor, and John T Adams
Herein after referred to as the Trustee.

On page 4, I should be both settler and trustee?

Yes. The settler (or called "trustor" sometimes) is the one who creates the trust. He appoints the trustee, usually himself.

On page 5:
WITNESSES
The foregoing instrument, consisting of eight pages, including this page, was signed in our presence by John T Adams, Settlor and John T Adams, Trustee.

On Page 6:
On November 28th, 2001, before me, John T Adams, personally appeared, as Settlor,
John T Adams, as Trustee,

I think the rest is pretty clear.

VS Quicken Willmaker.


The Quicken/willmaker s/w is confusing because it only want to name the trust John T Adams (inserts name) Trust. I want it to specifically say it is an NFA trust so it doesn't get confused with other trusts I may start.

This is different/better than the Living Trust Maker software because it actually says it is an NFA trust and reading through it with a pure layman's eye looks 'better'. The s/w also forces you to list at least one item in the trust that I do not have yet (an SS Sparrow if the gods will allow it and Coctailer is willing!). The Quicken/willmaker version is confusing because it only wants to name the trust John T Adams (inserts name) Trust. It doesn't want the name of the trust to be anything different than my full name and the words living trust afterward.

I also get all my mail at a PO Box and I heard the ATF doesn't like that, so I guess on any ATF papers I should list my physical address. Damn - my mailman here would give Beavis a run for his money in the reliability dept.

Nothing to it, LOL

Thank You Gunner

+1

Originally Posted by best defense

Thank You Gunner

You're welcome. I might have added that the trustee is the only one with powers to act on behalf of the trust. Sometimes a trustor will become incapacitated or incompetent, and then a new trustee will be appointed. Unless successor trustees are named in the trust, the court has to appoint one. If:

First successor trustee: John Doe
Second successor trustee Jane Doe

Are listed right below the trustor and trustee, then it's automatic who takes over if the trustor can't serve.

Sometimes a trustor knows he can't serve and resigns as trustee on a separate simple notarized document. Then the first successor is automatically the trustee.

You can amend a trust at any time using a separate form titled "Amendment to the xxxxx trust, dated xxxxx (the date the trust was created.) Then you list any changes and have it notarized. Then anyone can tell which is the most recent and current amendment simply by the date of the notary. I'd amend it to name successor trustees to avoid court and lawyers for your next of kin if something happens to you.

Remember, you DON'T rewrite a new trust. The current trust owns the assets and the new trust would be unfunded!!!! It takes a separate document to transfer assets from one trust to another. You AMEND the current trust with what's usually a single page document simply spelling out what you want different and having it notarized.

For those of you who are interested, I suggest you copy what Gunner3456 has posted and paste it into some kind of document that you can save for reference.

I keep forgetting things. I don't know about other states, but in Oregon the trustee has to be a resident of the state in which the trust was created so don't go appointing an out of state successor.

PS Therefore anything that's signed on behalf of the trust has to be signed as trustee. So, you always sign:
John Doe, trustee or just John Doe, TTE.

Another thing to note, once an NFA item is listed in the trust it can only go out one of two ways... a non-taxed transfer to the one (who is legally eligible) that inherits it via the terms of the trust (don't recall which ATF form for that), or a transfer via a Form-4 and $200 transfer tax to whoever you sell/trade the NFA item to.... that means even to a "new" trust that you yourself create.

Remember, a "Trust" is considered a "person" under the law, and all items listed on the property/asset schedule belong to the Trust (not you). You're just in charge of it, and can make decisions on behalf of the Trust... what a "legalese" contraption, huh?

There can certainly be a clause in the trust about who inherits the items upon the death of the trustor but I wouldn't want one here. If that was the case, then suddenly someone not authorized would own it instead of the trust. The new trustee can dispose of items belonging to the trust and could beat feet to an FFL like Coctailer and let him handle the sale for the trust, or sell them to him at a price he couldn't refuse.

That's why I only have immediate family members as trustee's and heirs... these babies will stay in the family. (BTW- I just picked up another Draco tonight... another SBR in my future.. LOL)