Just like a will or any other estate-planning document, a gun trust is only effective if it reflects your current life situation. If you get married, have children, or experience other significant changes in your life, and you fail to update your will, your loved ones might miss out on important benefits after your death.
The same holds true for your firearms trust. By keeping the trust up to date with the latest information about the people and items it covers, you ensure that you enjoy all the legal protections and features it offers, and that your estate remains well organized when you pass away.
Problems with “One-shot trust”
Not all firearms trusts are designed for easy updates. Some “one-shot” trusts are created for single transactions, meaning you’ll need a new trust every time you buy another NFA weapon. These types of trusts often offer limited options for updating addresses or adding beneficiaries.
On the other hand, trusts from NFA Lawyers come with built-in flexibility. You can easily make amendments to update your address, modify the list of beneficiaries or co-trustees, and assign new property to the trust.
Steps to Update Your Gun Trust
Changing Your Address
Updating the address on your gun trust is a straightforward, two-step process. First, complete the Change of Address amendment provided by NFA Lawyers with your trust. Then, submit an ATF Form 20 to notify them of the permanent address change for any NFA trust property. Be sure to select the option for a permanent move when filling out the form. Form 20 also applies to temporary moves, but in this case, you’ll be focusing on the permanent relocation.
Adding or Changing Co-Trustees and Beneficiaries
To update your co-trustees or beneficiaries, fill out the appropriate amendment with the complete list of individuals involved. The new list will replace the previous versions. While it’s not necessary to send these amendments to the ATF, you should keep them with your original trust documents to show how it has evolved over time.
Keeping an Updated Inventory
Maintaining an up-to-date list of the items in your trust is essential. For regular, non-NFA firearms, simply fill out an Assignment of Property form and include details such as the make, model, and serial number for each weapon. This form doesn’t need to be submitted to the ATF, but it should be kept with the original trust.
For NFA firearms, a copy of the trust is sent to the ATF along with Form 1 or Form 4, the Primary Trustee’s fingerprints, and photos, as well as those of any co-trustees listed in the original trust. Beneficiary details are not required in this process, but they should be included in the trust itself. Once the ATF issues a tax stamp for the NFA weapon, you’ll need to fill out an Assignment of Property form for that firearm, including all the relevant details. Be sure to keep the original tax stamp with your trust for each NFA item.
The Importance of Staying Compliant
Keeping your gun trust and estate planning documents updated is important for any collection, but it’s especially crucial when it comes to firearms regulated under the National Firearms Act (NFA). If you ever need to prove compliance with the ATF, having your trust documents and tax stamps readily accessible is essential. Whether you’re at home, traveling, or hunting, keeping a digital copy of your trust and NFA documents on your phone can help you stay prepared in case law enforcement or game wardens request to see them.
Updating your NFA Lawyers gun trust is a quick and simple process that ensures your firearms are properly managed and your beneficiaries are protected. Regular updates will give you peace of mind, knowing your collection is well-organized and compliant with all regulations.
