Suppressor Trust

This is an interesting discussion. So, at this point taking the local leo signing it for granted, what are the pros and cons of doing it each way? What about leaving it to my son?
 
When I did mine the main reason to do it was to speed up the process by a few months. A trust was the only way you could process the application online without having to mail everything in.

The trust also allowed you to put other people in the trust who could then use the suppressor legally. With the trust you could leave it to your son if he is in the trust.
 
The trust allows trustees to use the items without you present, like an individual Form 4. So if you have 12 kids and 12 brothers, any one of them could take it out of the safe and drive off with it, no problem. Not so with an individual. As far as leaving it to your kids, that is handled in the will, a different instrument. All the trustees share the item if you die.

If you have individual NFA items, you leave them to whomever, on your death they fill out form 5 (also free) to gain legal custody of the item from your estate.
 
I thought they were changing the fingerprint requirements for trust ownership. At least it kept coming up when I last looked at doing one.

If you leave an item to your child in your will, they still have to pay for the transfer/tax stamp and go through the background check.
 
Originally Posted By: NdIndyI thought they were changing the fingerprint requirements for trust ownership. At least it kept coming up when I last looked at doing one.

If you leave an item to your child in your will, they still have to pay for the transfer/tax stamp and go through the background check.

There has been 'talk' for a few yrs to close that 'loophole'. Little if anything has changed since 1986. Fear of those potential changes is the primary factor in the surge in suppressor sales.

You are correct (second statement) since a will is different than a living revocable trust.
Setting up your NFA items through a living revocable trust eliminates both of those requirements.
 
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Originally Posted By: NdIndyI thought they were changing the fingerprint requirements for trust ownership. At least it kept coming up when I last looked at doing one.

If you leave an item to your child in your will, they still have to pay for the transfer/tax stamp and go through the background check.

41P is what you were thinking of. It had such a huge response from public comments that the ATF has had to push back the ruling on this a couple times. Here's more info on it if you're interested.
http://americansuppressorassociation.com/atf-update-41p-nfa-backlog-and-the-e-forms-system/
There's also rumors that efile may be back up after SHOT for form 3 and form 4. Doubtful, but a guy can hope...
 
Thanks for the responses folks. If I do a trust, I've read that these should have provisions for someone not using it unsupervised under the age of 21 and if someone listed as a trustee commits a felony or for any other reason it becomes unlawful for them to possess it, they automatically get kicked out of the trust. Thoughts?

Any other clauses or provisions?

Are there good trust templates with this information listed?
 
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