Can a NFA Gun Trust have Only One Responsible Person?
Yes, a NFA gun Trust can comprise of a single responsible person. This is quite common when NFA gun trusts are created initially. However, when you create your NFA gun trust, you will still need to designate a successor trustee and at least one beneficiary. This is to ensure that your gun trust is legal. You as the settlor, a.k.a. trust owner can’t be the successor trustee or beneficiary of your own gun trust. You will need to designate a successor trustee and beneficiary that isn’t yourself. If your NFA gun trust is a revocable NFA gun trust, like our is, then you are able to amend your NFA gun trust in the future to add a co-trustee(s). Please note, that if you do add a co-trustee when you have a pending ATF Form 1, ATF Form 4 or ATF Form 5 application, they would be considered a responsible person for that application. This means that they would need to submit the ATF 5320.23, two fingerprint cards and a passport photo the ATF for the pending applications. This also, may require a corrected ATF Form to resubmitted to the ATF to account for the change of co-trustees.
Other NFA Gun Trust and ATF Related Blog Posts
-
What Happens if the ATF Declines your Credit Card?When you are applying for a tax stamp using the ATF Form 1 and ATF Form 4 paperwork, you can pay using a credit card ...
-
Electronic Signatures aren't Allowed for ATF 5320.23 When Using the ATF eForm 1 Application
When you are applying for an ATF eForm 1 tax stamp, you will need to upload the ATF 5320.23 if you are applying using...
-
Approved ATF eForm 1 Form 1 Registration - FORM 1 REGISTRATION, UNITED STATESWhen you receive an approved ATF eForm 1 application, you will receive an approved tax stamp with "FORM 1 REGISTRATIO...
