Revocable Living Trust

[Gunner3456]

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.

 

[Stomper]

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.

 

[Gunner3456]

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!

 

[PDXSparky]

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

 

[Burt Gummer]

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.

 

[Gunner3456]

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.

 

[Gunner3456]

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

 

[best defense]

Thank You Gunner

 

[Burt Gummer]

+1

 

[Gunner3456]

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.

 

[best defense]

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.

 

[Gunner3456]

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.

 

[Stomper]

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?

 

[Gunner3456]

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.

 

[Stomper]

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)

 

[Deltatango]

Hello,

I tried to download the link and it asks me to give a name and password to look at the trust. Please advise on how to get a copy of the example trust.

Thanks

 

[Stomper]

OK, HERE IS A COPY OF THE TRUST.

<broken link removed>

You have to save it to your computer first. You can't just open it on the server and edit it there. It is read-only on the server.

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

Click on the link in the above quoted post and you should be able to get it. If you are still having issues, PM me an email addy that will let attachments through and I'll send it to you when I get home tonight.

 

[Gunner3456]

I'm the one who uploaded it and posted the link. I just tried the link and it works. I too would be willing to email a copy.

 

[Deltatango]

I was able to finally get it to work, thank you though for offering to email it. Much appreciated.

 

[best defense]

Here is where I started, you can take it for what it is worth. I did not write any of this stuff, I just copied it off of the website.
I cannot take any credit for what is in this post:

REVOCABLE LIVING TRUST
Known As: Your Last Name Family Trust
I.
Agreement made and executed this 22nd day of May, 2009, by and between First and Last name,
Herein after referred to as the Settlor, and Wife or Other,
Herein after referred to as the Trustee.

Settlor desires to create a revocable trust of the property described in Schedule A hereto annexed, together with other assets as the Trustee may hereafter at any time hold or acquire hereunder (hereinafter referred to collectively as the "Trust Estate") for the purposes hereinafter set forth.

NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained, the Settlor agrees to execute such further instruments as shall be necessary to vest the Trustee with full title to the property, and the Trustee agrees to hold the Trust Estate, IN TRUST, NEVERTHELESS, for the following uses and purposes and subject to the terms and conditions hereinafter set forth:

The Trustee shall hold, manage, invest and reinvest the Trust Estate (if any requires such management and investment) and shall collect the income, if any, therefrom and shall dispose of the net income and principal as follows:

(1) During the lifetime of the Settlor, the Trustee shall pay to or apply for the benefit of the Settlor all the net income from the Trust.

(2) During the lifetime of the Settlor, the Trustee may pay to or apply for the benefit of the Settlor such sums from the principal of this Trust as in its sole discretion shall be necessary or advisable from time to time for the medical care, comfortable maintenance and welfare of the Settlor, taking into consideration to the extent the Trustee deems advisable, any other income or resources of the Settlor known to the Trustee.

(3) The Settlor may at any time during his/her lifetime and from time to time, withdraw all or part of the principal of this Trust, free of trust, by delivering an instrument in writing duly signed by him/her to the Trustee, describing the property or portion thereof desired to be withdrawn. Upon receipt of such instrument, the Trustee shall thereupon convey and deliver to the Settlor, free of trust, the property described in such instrument.

(4) In the event that the Settlor is adjudicated to be incompetent or in the event that the Settlor is not adjudicated incompetent, but by reason of illness or mental or physical disability is, in the opinion of the Trustee, unable to properly handle his/her own affairs, then and in that event the Trustee may during the Settlor's lifetime, in addition to the payments of income and principal for the benefit of the Settlor, pay to or apply for the benefit of the Settlor's spouse, and of any one or more of Settlor's minor children, such sums from the net income and from the principal of this Trust in such shares and proportions as in its sole discretion it shall determine to be necessary or advisable from time to time for the medical care, comfortable maintenance and welfare of the Settlor's said spouse and children taking into consideration to the extent the Trustee deems advisable, any other income or resources of the Settlor's said spouse and minor children known to the Trustee.

(5) The interests of the Settlor shall be considered primary and superior to the interests of any beneficiary.
II.
The Settlor reserves and shall have the exclusive right any time and from time to during his/her lifetime by instrument in writing signed by the Settlor and delivered to the Trustee to modify or alter this Agreement, in whole or in part, without the consent of the Trustee or any beneficiary provided that the duties, powers and liabilities of the Trustee shall not be changed without his/her consent; and the Settlor reserves and shall have the right during his/her lifetime, by instrument in writing, signed by the Settlor and delivered to the Trustee, to cancel and annul this Agreement without the consent of the Trustee or any beneficiary hereof. Settlor expressly reserves the right to appoint successor trustees, replace present trustees and change the beneficiaries or the rights to property due any beneficiary.
III.
In addition to any powers granted under applicable law or otherwise, and not in limitation of such powers, but subject to any rights and powers which may be reserved expressly by the Settlor in this Agreement, the Trustee is authorized to exercise the following powers to the Trustee's sole and absolute discretion.
a. To hold and retain any and all property, personal, or mixed, received from the Settlor's estate, or from any other source, regardless of any law or rule of court relating to diversification, or non-productivity, for such time as the Trustee shall deem best, and to dispose of such property by sale, exchange, or otherwise, as and when they shall deem advisable; not withstanding this provision or any other contained herein.

b. To sell, assign, exchange, transfer, partition and convey, or otherwise dispose of, any property, personal or mixed, which may be included in or may at any time become part of the Trust Estate, upon such terms and conditions as deemed advisable, at either public or private sale, including options and sales on credit and for the purpose of selling, assigning, exchanging, transferring, partitioning or conveying the same, to make, execute, acknowledge, and deliver any and all instruments of conveyance, and assignments in such form and with such warranties and covenants as they may deem expedient and proper; and in the event of any sale, conveyance or other disposition of any Trust Estate, the purchaser shall not be obligated in any way to see the application of the purchase money or other consideration passing in connection therewith.

c. To borrow money for any purpose in connection with said Trust created hereby, and to execute promissory notes or other obligations for amounts so borrowed, and to secure the payment of any such amounts by pledge or any real or personal property, and to renew or extend the time of payment of any obligation, secured or unsecured, payable to or by any trust created hereby, for such periods of time as deemed advisable.

d. To invest and reinvest or leave temporarily un-invested any or all of the funds of the Trust Estate as said Trustee in the Trustee's sole discretion may deem best, including investments in stocks, common and preferred, and common trust fund, without being restricted to those investments expressly approved by statute for investment by fiduciaries, and to change investments from realty to personality, and vice versa.

e. To compromise, adjust, arbitrate, sue defend, abandon, or otherwise deal with and settle claims, in favor of or against the Trust Estate as the Trustee shall deem best and the Trustee's decision shall be conclusive.

f. To determine in a fair and reasonable manner whether any part of the Trust Estate, or any addition or increment thereto be income or principal, or whether any cost, charge, expense, tax, or assessment shall be charged against income or principal, or partially against income and partially against principal.

g. To engage and compensate, out of principal or income or both, as equitably determined, agents, accountants, brokers, attorneys-in-fact, attorneys-at-law, tax specialists, realtors, custodians, investment counsel, and other assistants and advisors, and to do so without liability for any neglect, omission, misconduct, or default of any such agent or professional representative, provided he or she was selected and retained with reasonable care.

h. To purchase other property from the executor or other personal representatives of the Settlor's estate, the executor or other personal representative of the Settlor's spouse's estate, and the Trustee of any agreement or declaration executed by the Settlor during his/her lifetime under his/her last will in case his/her executors or Trustees are in need of cash, liquid assets, or income-producing assets with which to pay taxes, claims, or other estate or trust indebtedness, or in case such executors or Trustees are in need of such property to properly exercise and discharge their discretion with respect to distributions to beneficiaries as provided for under such bills, declarations, or agreements. Such purchase may be in cash or may be in exchange for other property of this Trust, and the Trustees shall not be liable in any way for any loss resulting to the Trust Estate by reason of the exercise of said authority.

i. To undertake such further acts as are incidental to any of the foregoing or are reasonably required to carry out the tenor, purpose and intent of the Trust.

j. To make loans or advancements to the executor or other personal representative of the Settlor's estate, the executor or other personal representative of the Settlor's spouse's estate, and the Trustees of any agreement or declaration executed by the Settlor during his/her lifetime or under his/her last will in case such executors or Trustees are in need of cash for any reason. Such loans or advancements may be secured or unsecured, and the Trustees shall not be liable in any way for any loss resulting to the Trust Estate by reason of the exercise of this authority.
IV.
Upon death of the Settlor, or the last surviving Settlor if more than one, the remaining Trust assets shall be distributed to the beneficiaries in the proportionate or allocable amounts as are specified in the schedule of beneficiaries, hereto annexed as Schedule B, as may then be in force.
The Trustee shall submit in duplicate a completed ATF Form 5 (Application for tax exempt transfer and registration of firearm) to the National Firearms Branch for each NFA item listed in Appendix A being transferred to the beneficiaries listed in Appendix B, under no circumstances shall any NFA item held in the trust be released to a beneficiary without the National Firearms Branch approved documents returned to the Trustee for the subsequent transfer.

If any beneficiary and the Settlor should die under such circumstances as would render it doubtful whether the beneficiary or the Settlor died first, then it shall be conclusively presumed for the purposes of this Trust that said beneficiary predeceased the Settlor.

V.
If it shall be determined that any provisions of the Trust created herein violates any rule against perpetuities or remoteness of vesting now or hereafter in effect in a governing jurisdiction, that portion of the Trust herein created shall be administered as herein provided until the termination of the maximum period allowed by law at which time and forthwith such part of the Trust shall be distributed in fee simple to the beneficiaries then entitled to receive income therefrom, and for the purpose, it shall be presumed that any beneficiary entitled to receive support or education from the income or principal or any particular fund is entitled to receive the income therefrom.
VI.
Except as otherwise provided herein, all payments of principal and income payable, or to become payable, to the beneficiary of any trust created hereunder shall not be subject to anticipation, assignment, pledge, sale or transfer in any manner, nor shall any said beneficiary have the power to anticipate or encumber such interest, nor shall such interest, while in possession of the Trustee, be liable for, or subject to, the debts, contracts, obligations, liabilities or torts of any beneficiary.
VII.
This Trust Agreement shall be construed, regulated and governed by and in accordance with the laws of the State of Washington.

I certify that I have read the foregoing Trust Agreement and it correctly states the terms and conditions under which the Trust Estate is to be held, managed and disposed of by the Trustee.




Dated: May 22nd, 2009



____________________________________________
[Settlor]



____________________________________________
[Trustee]



WITNESSES
The foregoing instrument, consisting of eight pages, including this page, was signed in our presence by First and Last Name, Settlor and Wife or Other, Trustee. We, at the request and in the presence of the Settlor and in the presence of each other, have subscribed our names below as witnesses. We declare that we are of sound mind and of the proper age to witness a revocable trust, that to the best of our knowledge the Settlor is of the age of majority, or is otherwise legally competent to make a revocable trust, and appears of sound mind and under no undue influence or constraint. Under penalty of perjury, we declare these statements are true and correct on this 22nd day of May, 2009 at _____________________________________________________________, __________________________.



_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]





ACKNOWLEDGEMENT OF NOTARY PUBLIC
STATE OF WASHINGTON

COUNTY OF Your County

On May 22nd, 2009 before me, Your First and Last, personally appeared, as Settlor,
Wife or Other, as Trustee,
and___________________________________________, as Witnesses, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal.




Signature _______________________________________

Affiant: _____Known _____Unknown

ID Produced: ______________________

(Seal)





Schedule A
Description of Property
1. After you get your suppressor in hand, and the tax stamp, re-print this page with the Item you now own in the trust here
2. Example: {Gemtech Blackside Suppressor S/N: XXX-XXXXX Cal. 45}



Schedule B
Schedule of Beneficiaries

1. YourWifeorOther
2. Child
3. Child
4. Parent
5. Parent

**************************************************************************

1. 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. 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.

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?



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.