The ATF requires all gun trusts to have a ‘Schedule A.’ This is nothing more than a list of assets assigned to the trust. This simple addendum to the trust affirmatively establishes what property, such as NFA firearms, belongs to the trust. Without such an assignment the ownership of a particular firearm might be in question.
Some attorneys believe that a Schedule A is unnecessary and do not include one with their gun trusts. Unfortunately, the ATF disagrees and will withhold approval of a Form 4 until a Schedule A is sent. This leaves the trustee in the unenviable position of having to find or make a Schedule A. Clients in the Greenville – Spartanburg area have approached me seeking a Schedule A for a gun trust drafted by another attorney, and I have been happy to help them out.
As a practical matter, the Schedule A should be left blank until the ATF approves the transfer of the firearm. It is the ATF’s stance that a NFA firearm cannot be assigned to the gun trust until it can be transferred to the gun trust. This transfer is the sell that requires approval on a Form 4, and the thus the ATF disapproves of assignments before the Form 4 is approved. A trustee should not fill out Schedule A until the Form 4 is returned.
Though the process may sound confusing, it is straight forward for those experienced in this area of the law. If you are in South Carolina and looking to purchase a NFA firearm, feel free to contact me for help. From creating a trust to helping fill out the Schedule A upon receipt of the Form 4, I will be there to walk you through the process.