Single Shot Custodian after 1 year
I've yet to get an answer to this question that I find satisfactory, so hopefully Silencer Shop sees this post and can shine some light on it. I've called, and emailed, but the representatives didn't know, my email was ostensibly escalated, but I haven't heard anything a month later.
The question relates to following clause in the Singel Shot Trust documentation:
1.G. Governing Law. The law of the State of Nevada is the Governing Law of the Trust as defined by Section 1.K.(4). If at any time the Trustee resides in the State of Nevada, the Trustee shall serve as the Custodian of these documents as required by the law of Nevada (NV Rev Stat § 163.0095 (2013)). If the Trustee does not reside in Nevada, the Custodian of these documents will be an agent of Gun Trust USA, LLC (the “Initial Custodian”) during a period of one year commencing on the Effective Date, after which the Trustee may appoint a new Custodian in Nevada. If the Trustee and no Custodian of the Trust documents reside in Nevada, the Governing Law shall become the law of the Trustee’s state of residence and the Initial Custodian will be released from all liability hereunder.
I don't reside in Neveda, don't know anyone in Nevada, so after my one year, I read this as the trust defaulting to my home State's Law (Washington State). Further, should that be the case, the documents for adding / removing trustees would seem no longer valid as they are drafted under Nevada law, and the trust would then be under Washington law.
The includsion of Document 6 seems to further indicate that after one year, it transfers to your State, and thus your States trust laws, and which point documents 2 - 5 would no longer be usable.
The majority of my NFA items are in a standard NFA trust, but 5 are in single shot's, and clarification would be nice.
Thanks