Schedule A for Revocable Living Trust

Instead of adding a dollar bill or something like that, has anybody added a firearm they already own to legitimize their trust?
I was thinking of adding a couple of handguns as assets. I am planning to put most of my firearms in my trust.

If your doing it for NFA once your stamps are approved you then add those items into the trust otherwise it should or can be blank when you submit it.

I'm not a lawyer though. I also refuse to stay at a holiday inn express.

In Texas, the trust must have property to be valid.

Just add a 1.00 bill to the steed of property.

I put my AR lower I plan on SBRing.

if you're form 1'ing any firearms, they should be assets of your trust prior to submitting, since the trust is asking permission to make an SBR out of it.

form 4's i've heard both, technically the trust owns it once you pay for the item, but can't take possession of the item unless it is approved. I left the suppressor off of my trust when i submitted my Form 4 and added it post-approval.

Thank you everyone. I am SBR'ing a MP5 clone. I planned on adding it to the trust after the approval and receiving the stamp.
I added one of my Glocks to the Schedule A to make it legit.

That's the approach we took. Initially, we listed every rifle and shotgun we intended to Form 1 as property of the Trust. As each approved Form 1/stamp comes back, we update the Schedule A accordingly.

why would you ever need to update the Schedule A? the trust doesn't care if the items are title I or title II

I have my Schedule A in columnar format and each item listed is identified by Make, Model, Type, Serial #, and NFA #. The Title 1 items all have "n/a" under NFA #. When the Form 1s come back approved, I update the "Type" column from "Rifle" to "SBR" or "Shotgun" to "SBS" as appropriate and add the corresponding NFA # for each item, then my wife and I (currently the only Grantors) sign and date it. Eventually, there will be no more Title 1 items listed in that Trust.

Please understand that I am not suggesting that this is the "best" way to do it, or even a particularly good way, just that it is how we do it.


ETA: Also, when I eventually buy another suppressor, or even a MG, I'll have to update it to add those. I want all of my future NFA purchases and registrations in that Trust.

Seems to me I read that a lawyer suggested redacting the Sch A when you send it in.

The ATF doesn't need to know the assets of your trust.

ETA: Of course, they will already know about the NFA items that have stamps.

We set up our trust explicitly for NFA items and, eventually, everything on there will be registered under the NFA in one form or another, so that isn't a concern for me.

I certainly don't have my whole collection on there or anything like that. In fact, I don't have any property on there except the current NFA items and ones that soon will be.

I put a a .22 rifle I bought for my son on there. It's something that I will never sell so I put that.

+1

My attorney also advised me of this that no one has rights to my Schedule A as its my personal property and I shouldn't have to show anyone anything on it except in Death when the Trust becomes a living entity.

I sent it in anyway since this one is strictly for NFA items.

More input, always good
I am not concerned about the Schedule A. I have nothing to hide, hell, I'd send them a necked picture of me and the gun I am sbr'ing
Okay, maybe that is a bad idea; unless the examiner will have to stare at it until the paperwork is approved
Thank's again everyone, the differing views on this topic are quite interesting.

To answer the original question...

Your trust MUST be funded to be legitimate and anything of value that is placed in it would be considered funding: Money, guns, jewelry, cabbage path dolls, smurf collection, whatever.

Cabbage Patch Dolls and Smurf Collection
Wow, I have now heard enough, we have crossed the line from tasteful NFA conversation to the the dark side of someones' inner most pleasures.
Actually, thank you, I guess I could add my Hotwheel collection. I never really thought about it, as I am so focused on the firearms purpose of the trust.
I may actually do it

My NFA tust has an assignment sheet. i woudn't use a schedule A.

Do the items in an NFA trust bypass probate?

The trust owns the NFA items.

The trust cannot die.

There is no probate.

So if I am going to form 1 a Draco pistol into an SBR as well as doing a form 1 .22 suppressor I list them on the schedule A before I send in the paper work?

You cannot manufacture the suppressor before approval so you don't list it.

Since you already own the Draco legally as a pistol, you could list that - but list it as a pistol if you describe it in some way other than MFG and SERIAL NO.

You meed approval before you can make your pistol into an SBR.

I have done SBR's before just not on a trust. So I list the pistol on the schedule A then after I get the SBR stamp back I relist the pistol as an SBR, and when I get the stamp for the suppressor, that is when I list it on the schedule A ?

Other wise I think I am good to go

Yes.

You mentioned the suppressor on a form 1 rather than a form 4, so you are making your own, right? In either case you would not make/list it until approval.

A trust dissolves in time, they do not exist in perpetuity. You do need to make plans for distribution of any assets held in trust.

That is self-evident. How would a living/revocable trust be valid if it did not plan for the distribution of assets?

The main purpose of a living trust is to distribute assets without probate, minimize taxes, on a timetable predetermined... etc.

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