Trust vs. Individual Purchase
What is a trust?
A trust is a legal entity that can make it simpler for your family members, business employees, or shooting buddies to also enjoy NFA items.
It requires some simple legal paperwork that you can have your local lawyer draw up for you or you can use an online Trust-building resource. In some larger cities and even at some gun ranges there may be an NFA Trust Specialist that can do this for you.
You can name unlimited Co-Trustees on your Trust when you set it up as well a beneficiaries.
Why would you want a trust?
A trust makes it easier to share the fun and benefits of shooting with suppressors. Without a Trust, the person that got the Tax Stamp and purchased the suppressor MUST BE PRESENT and in possession of the suppressor when it is being used by another person.
However, with a Trust, any Co-Trustee can use the suppressor. This makes logistics of going to the range a lot simpler.
Also, the Trust can list beneficiaries who would be able to assume ownership of the NFA item(s) if the Trustee passes. If the beneficiary is still a minor at that time a Co-Trustee will be able to hold the item(s) until they reach legal age.
Where do you get a trust?
You can have your local lawyer draw up for you or you can use an online Trust-building resource. In some larger cities and even at some gun ranges there may be an NFA Trust Specialist that can do this for you. If you do not have a lawyer specializing in Trusts near you, we recommend using a website service such as 199Trust.com. Here is a $10 discount for setting up your Trust.
Keep in mind each Co-Trustee has to submit fingerprint cards, photographs, and sign & notarize the Trust. Your Trust can be amended and Co-Trustees can be added or removed at a later date with another form.
What is different about filling out Form 4 as a trust rather than an individual?
You will answer questions a little differently, see images below
You will need to also include Form 5320.23 for each Responsible Person listed (Co-Trustees)
It is also suggested that you include Form 5530.20 for the Trust
If there are more than 8 Responsible Persons, you will need to attached a separate sheet listing them. You must submit Form 5320.23 for each Responsible Person.
