Gun Trust Roles and Positionsby National Gun Trusts
When you create your NFA gun trust paperwork, you will need to understand the roles and positions of the parties that you name within your gun trust. We explain the roles, posittions and definitions of gun trust parties below.
SETTLOR: The settlor is the person creating the NFA gun trust. The settlor of the NFA gun trust is also considered to be a trustee. The settlor is a responsible person in the trust.
CO-TRUSTEES: All co-trustees are considered to be responsible persons in the NFA gun trust. This means they will be required to submit fingerprint cards, a passport photo and the ATF 5320.23. They are also able to possess, store, transport and use the NFA firearms that your NFA Trust owns without the presence of the settlor. Co-trustees must be at least the age of 18. They can also be your successor trustee and/or beneficiary or beneficiaries.
SUCCESSOR TRUSTEE: The successor trustee is in charge of the NFA gun trust upon the death of the settlor and the co-trustees. The successor trustee must be at least the age of 18. The successor trustee can play multiple roles, meaning the successor trustee can also be a beneficiary/and or a co-trustee in the NFA gun trust. The successor trustee is not a responsible person in the NFA gun trust, unless they are named as a co-trustee. If the successor isn't named as a co-trustee, the successor trustee is not allowed use the NFA firearms without your supervision.
BENEFICIARY: The beneficiary or beneficiaries of the NFA gun trust are the persons who will own the NFA items upon death of the settlor. The beneficiaries must meet all of the current requirements of a responsible person in order for the beneficiary to legally own the NFA firearms, e.g. the named beneficiaries can be under the age of 18, but won't be able to take possession of the trust contents until they are of legal age to do so. The beneficiaries are not active members of the NFA gun trust and not considered to be responsible persons. Your beneficary or beneficaries can be a co-trustee and/or successor if they are at least the age of 18, but will be considered a responsbile person if they are named as a co-trustee. If your beneficary or beneficaries aren't named as a co-trustee, the beneficary or beneficaries aren't allowed to use the NFA firearms without your supervision.
RESPONSIBLE PERSONS: The responsible persons in our trust paperwork are the settlor and any named co-trustees. If the named successor trustee is also named as a co-trustee, the successor trustee will be considered to be a responsible person. Otherwise the successor trustee isn't considered to be a responsible person. If the named beneficary or beneficaries are also named as a co-trustee, the beneficary or beneficaries will be considered to be a responsible person(s). Otherwise the beneficiary or beneficiaries aren't considered to be a responsible person.
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