Successor Trustees and 41F

CountryGent · Sep 23, 2016

Well 41F is the rule of the land. Personally, we've done all our NFA acquisitions via a Trust written by a lawyer. All our Form 4s were done by paper and the Form 1s via eForms with absolutely no issues. Now we're back to paper for everything and some extra legwork (e.g., new forms, fingerprints, photos). Annoying, yes, but not a showstopper. I'm about to acquire another can, so I'm getting our ducks in a row. Our Trust is setup in such a way that me and the Mrs are Trustees, our kiddos are the beneficiaries, and if both me and the Mrs are dead (or legally incapacitated) before the wee-one beneficiaries reach the age of majority, one of my brothers becomes a Trustee. Until that time he is not. The attorney who created our Trust tells me we do not need to submit material for him because he is not a "responsible person" because he does not exercise "dominion and control" over Trust assets now. Said attorney may be right. He may be wrong. He may be right, but it only applies to this trust.

Questions:

Has anyone seen anything official concerning successor trustees from the ATF, beyond the 41F ruling? I've read the aforementioned, as has my attorney, but I'm curious about anything new.
Has anyone submitted a form and had it kicked back because the did not include a successor trustee's material?
Alternatively (albeit unlikely considering we're only 2½ months out from 41F implementation) has anyone had an approved form with a successor trustee omitted?
Beyond those questions, if anyone have any material to contribute, I'm all ears.

Thanks friends.

SCARed · Sep 24, 2016

You only need to send paperwork on current Responsible Persons. Your attorney is correct.

PDX1953 · Sep 28, 2016

Strictly for streamlining the process, if I was to remove two of the three Trustees & do the paperwork on myself & the other can I put the Trustees back on later? Or, if I submitted paperwork on all of us & want to add another Trustee later do they have to be approved?