Anyone have experience updating NFA Trusts or recommend a lawyer?

Discussion in 'NFA - Stamp collecting' started by Hadoken, Apr 29, 2020.

  1. Hadoken

    Hadoken Happy to be here

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    I've had my NFA trust for a several years and it needs a bit of tidying up. Does anyone have any experience doing that themselves or recommend a lawyer to assist?

    When my trust was made I didn't have any kids, so the "beneficiary" of the trust was my nephew. Now I'd like to update that to my own kids.

    Anyone have experience with adding or removing trustees to make post 41F life any easier? I'll probably just use a new single shot trust if I buy anything new, but I would like my son one day to move from Beneficiary to Trustee.

    My trust was made by a supposed NFA familiar lawyer, but I had to correct several of his mistakes before it was finalized, so I'm hesitant to go back since it should have been the same cookie cutter trust he was using for everyone and it still had mistakes.
     
  2. Jerzsubbie

    Jerzsubbie Senior Member Charter Member Benefactor Supporting Member

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    If you were able to fix some of the lawyers mistakes/oversights, why are you uncomfortable making these updates? Changing person A to person B is a simple ctrl+F & replace. Once you have a thorough understanding of the different roles in a Trust, it’s relatively simple.

    I created my own trust using Quicken Willmaker and did a lot of research beforehand to ensure I had a thorough understanding of what Quicken’s output actually meant.
     
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  3. Hadoken

    Hadoken Happy to be here

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    I think I could make the changes on my own, but I wasn't sure of the legal requirements. My trust was notarized on the trust itself and each trustees agreement was notarized. I'm not sure what I can edit in and out without getting into a situation that requires anything to be resigned/notarized.
    When it was made 5 years ago I researched for weeks and was pretty sure what I wanted but the lawyer was what I thought was cheap insurance to make sure it was done right.
    Now I've forgotten about 99% of what I learned...
     
    Last edited: Apr 29, 2020
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  4. JRHorne

    JRHorne Certified Hater Supporting Member

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    As I understand it, you can change damn near anything with a simple amendment. Just add an amendment on the end with the new date and sign it. Pretty sure it doesn't even need to be notarized.
     
  5. JimB

    JimB Picking it up slowly. Benefactor Charter Life Member

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    You can amend pretty easily, if you want to amend and restate you basically create a whole new version and have everyone sign it. In either case I’d have it notorized, but there is a gal in my office that does it so it’s no problem, I don’t know what is required.