Recently I received a question from a client that I thought I would share. His dealer questioned the use of the Assignment Sheet because they were not familiar with it and stated that the Gun Store’s lawyer said it was not necessary. ( A full detailed explanation is included in our detailed instructions and users manual) Here is a brief explanation for those who are not using our Gun Trust documents.
While the lawyer is correct, the ATF has confused the issue of funding a trust with documents which evidence the trust and mistakenly requires either a Schedule A or Assignment sheet or they reject the trust as invalid. While most trusts contain a Schedule A or a Schedule of Assets there are several issues with using a Schedule A in regards to the flexibility of our trust and privacy.
You can put a schedule of assets in the trust, but then you would have to keep it updated and if you decided to put your regular firearms in the trust, you would be creating a de facto registration of your firearms. Most gun owners do not wan’t to provide the ATF a list of all of their firearms and as such we have elected to use the “Assignment Sheets”. Our choice has increased privacy and allows for additional flexibility for the use of the trust without unnecessary disclosures.
As a result we have chosen to use an Assignment Sheet with our Gun Trust. If your trust uses a Schedule A and would like to discuss the benefits of using an Assignment Sheet and the other benefits of a dedicated NFA Gun Trust, Contact Us to speak with a Gun Trust Lawyer®.