So how would I then have one of my family member be able to take possession of them if something were to happen to me?
Will it to them.
I do not have a trust at this point, that was part of my initial question.
I am in the same boat. Thought that I would just have one stamp - ended up with, well...more.
While not fully researched yet, what Jagee says is correct. They will pass to your spouse and/or by the decree of your will just like any other property that is in a trust.
Don't take my word for it...someone will be along shortly with name of the INGO member that is a lawyer and has experience with Trusts...
It's probably worth talking to an attorney with NFA trust expertise. Guy Relford is the first name everyone always mentions. I set mine up through Marc Halata.
Yes, he's in Greenfield, but I did everything over the phone and email. Never had to meet in person. I would say the cost is reasonable and he has been willing to answer all of my follow-up questions with no extra charge.
Concur. Marc is great. He will be able to clarify all.
My understanding from what Marc and I discussed previously is the following:
If the NFA items are registered to you as an individual, moving them into a trust is considered a transfer. The trust is essentially the "new owner." You will have to complete a new Form 4 and pay the $200.00 tax stamp again for each item you transfer to a new owner (trust in this case).
The same would apply if moving items from one trust to another trust.
Now the good news is: if the original Form 4s were approved and you currently have possession of the items, the items stay in your possession until the new Form 4 approvals (for the Trust) come back.