Question: I created a “gun” trust from a document I got from a national document preparer. I named myself as trustee of the trust. Can I now possess the NFA firearm that is registered to the gun trust?
Prince Law Offices, P.C. answered this question in a blog post.
Answer: “The answer, generally speaking, is no, unless you have competent legal advice on how to form a trust that would allow the trustee to “use” the assets. What many who use Quicken or other products, instead of seeking competent legal advice, fail to recognize or understand is the purpose of a trust and the fiduciary duties that go along with it. So, first let me explain the purpose of a trust and then speak about the fiduciary duties.”