Nfa Gun Trust Form - Arizona
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EXPLANATION OF A TRUST
A Trust is a legal entity created by one or more people (called “Trust Maker,” “Trustor” or “Settlor” – these terms have the
same meaning) through which a person, persons, entity or entities (called a “Trustee”) has the legal obligation to manage the
assets owned by the Trust for the benefit of a person, persons, an entity or entities (called a “Beneficiary”).
A “Living Trust” is a Trust created by a Trust Maker while he or she is alive. A “Testamentary Trust” is a Trust created in a
Last Will & Testament that is created after the Trust Maker dies. Living Trusts are revocable or irrevocable. A revocable Trust
is a Trust that the Trust Maker can modify or terminate after the Trust is created. An irrevocable Trust is a Trust that cannot
be modified or terminated by anybody other than a court after it is created. Our NFA Gun Trusts are living Trusts that are
revocable until a Trust Maker dies or becomes incapacitated at which time the Gun Trust becomes irrevocable.
A Trust is evidenced by a written Trust Agreement signed by the Trust Makers and the Trustees. The Trustees have the legal
obligation to comply with the terms and conditions of the Trust Agreement. A Trustee who fails to comply with the Trust
Agreement can be sued by and can be liable to the Beneficiaries for damages they suffer from the Trustee’s breach of the
Trust Agreement.
An NFA Gun Trust is a special type of Trust. The NFA Gun Trust is a Trust that has the sole purpose of holding and owning
NFA Title II firearms. It should not own any other types of assets except perhaps Title I firearms.
INFORMATION ABOUT THE GUN TRUST, TRUSTEES & BENEFICIARIES
You Must Read the Following Explanatory Text before Completing this Form
In Part 1 below, you must list all Trust Makers, Trustees and Beneficiaries of the Gun Trust. Before you complete this
Agreement, you must understand these three terms and decide who will be the Trust Makers, Trustees and Beneficiaries of
your Gun Trust. These terms have the following meaning:
Trust Maker (aka Trustor or Settlor): The Trust Maker is a person who creates the Gun Trust. There can be more than one
Trust Maker, but you must name a minimum of one Trust Maker. Trust Makers have the legal right to terminate or amend the
Gun Trust, including the right to add or remove Trustees and Beneficiaries. Think of the Trust Maker as the person who has
the ultimate control of the Gun Trust. If you want to be the only person who has the ultimate control then you should be the
only Trust Maker.
Trustee: A Trustee is a person named in the Gun Trust Agreement that has possession, control and legal ownership of the
firearms held in trust for the benefit of the Beneficiaries. The Gun Trust must have a minimum of one Trustee and it may
have multiple Trustees. All trustees must sign the Gun Trust and will have the legal obligation to comply with the terms and
conditions of the Gun Trust Agreement. Trustees owe fiduciary duties to the Beneficiaries and can be sued by a Beneficiary
for breach of a fiduciary duty or breach of the Gun Trust Agreement. Important Note: Insert the names below of every
person who you want to be able to possess, transport and use a Title II firearm. If you want to possess, transport and use the
firearms do not forget to name yourself.
Initial Trustee(s): When the Gun Trust is created, at least one Trustee must be named in the Trust Agreement. The
Gun Trust can have multiple Trustees from day one. The Trustee(s) named in the Trust Agreement to be the first
Trustee(s) are called “Initial Trustee(s).”
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Nfa Gun Trust Form - Arizona PDF
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