Colorado NFA Trusts – Adding and Removing Trustees / Specialized Form.
Another common question is how easy is it to add or remove trustees of a Colorado NFA Trust. Because of the unique, copyrighted design of our Colorado NFA Trust, adding or removing trustees is easy. Typically, it takes less than 24 hours and less than 20 minutes of attorney time to change the trusteeship. So, if a father/son/daughter/friend no longer is able to be trustee or does not want to be trustee, removing or replacing them is very easy.
One of the improvements we have made since 2016 is the addition of a new class of trustee called a limited purpose trustee. The limited purpose trustee has no management authority. The limited purpose trustee can only possess trust property (e.g., the firearms assuming they have been properly qualified). The limited purpose trustee cannot make purchases or open financial accounts.
With the addition of this new concept, adding trustees for a day, week or month is possible through the use of our specialized trustee addition form. The limited purpose trustee automatically ceases to be a trustee after the designated time period. So long as a tax stamp is not pending, the ATF does not currently require these short term trustees to submit fingerprint cards and photos. Only actual trustees at the time the application is made apparently need to submit fingerprint cards and photos.
